Exchange rate fixed today for exchanging currency at some future date.

the exchange rate, determined today, at which a foreign exchange transaction can be entered into for settlement at some future date

Fixed dates Fixed exchange rate

Price quoted for delivery of a currency beyond the spot delivery date, or delivery in two business days. The forward rate may be quoted with a discount (forward discount) or with a premium (forward premium), depending on interest rate market demand, and so on, or as an, outright forward transaction without an offsetting purchase or sale in the spot market.

A currency exchange contract that traders have agreed upon for a future date. The forward rate is usually for one, two, three or six months and referred to as 30-day forward, 60-day forward, etc.