To complete the statement above "Between two major currencies, the spot exchange rate is the rate on that date and the forward exchange rate is the rate at some specified future date. "
A spot exchange rate is a cost to trade one cash for another for quick conveyance. The spot rates speak to the costs purchasers pay in one cash to buy a moment money.
The cost cited for a quick settlement on an item, a security or a cash. The spot rate likewise called "spot price " depends on the estimation of a benefit right now of the quote.