What mechanism ensures that exchange rates remain consistent across different geographic markets?

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risk management through hedgingforecasting currency movements via speculationcontrol imposed by government policiesprofiting from price differences through arbitragenone of the above

Explanation

Arbitrage involves taking advantage of price differences in separate markets, which helps align exchange rates across regions by balancing supply and demand. Unlike hedging, speculation, or government control, arbitrage directly enforces uniformity in exchange rates.