The forward exchange rate discount is 103/98. In the bid/sell quotation, the bid price is greater than the sell price, which means the forward discount, and the forward exchange rate needs to subtract the discount point from the spot exchange rate.

Therefore, the forward exchange rate buying price =1.8879-103/10000 =1.8776.

The asking price of the forward exchange rate =1.8890-98/10000 =1.8792.

So the three-month forward exchange rate = 1.8776/ 1.8792.