I want to price a 1 year future under the condition of no arbitrage and based on LOOP. At time T, I sell currency Z and buy currency L. At time $t$, we define the exchange rate as $ZL_t$. The 1 year risk free rates are yearly compounded to $(1+i_t^{Z})$ and $(1+_t^{L})$ respectively. We don't want to exchange money at time $t$ so we need to agree on the value $K_t$; another condition is that we need to calculate $K_t$ such that the future equals 0 at $t$.
Now, I've had some courses where we mainly used stocks as example and then we need to satisfy the condition $K_t = S_te^{r(T-t)}$. However I am confused how to derive $ZL_t$ under the above mentioned conditions, as this is an exchange rate and I am having a bit difficulty to wrap my head around it. So we basically enter $F = ZL_t \frac{(1+i_t^{L})}{(1+i_t^{Z})}$