Which financial product grants the holder the right to buy or sell a specified amount of foreign currency at a predetermined price, within a timeframe ranging from several days up to a few years?

Explanation

A foreign currency option gives the purchaser the right, but not the obligation, to buy or sell a set amount of currency at an agreed price within a specified period, typically from a few days to several years. Other instruments like letters of credit, telegraphic transfers, and bills of exchange serve different purposes and do not provide this specific right.