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Spot exchange rate, also known as spot exchange rate, refers to the current price of a currency in the spot market. It is the exchange rate for delivery within two working days after the two parties reach a foreign exchange transaction agreement. This exchange rate is generally the current exchange rate in the foreign exchange market. The spot exchange rate is determined by the relationship between supply and demand of money at the time of spot delivery. The exchange rate listed in the general foreign exchange market generally refers to the spot exchange rate, except the forward exchange rate.

Forward exchange rate is the symmetry of "spot exchange rate". The exchange rate of forward foreign exchange transactions. Usually stipulated in the forward foreign exchange transaction contract. When the forward contract expires, no matter how the spot exchange rate changes, the buyer and the seller shall make delivery according to the forward exchange rate stipulated in the contract. The difference between forward exchange rate and spot exchange rate is called forward spread, or forward exchange rate, which is usually expressed by premium, discount or parity. The forward exchange rate of a country's currency is higher than the spot exchange rate, which is called premium, and the forward exchange rate is lower than the spot exchange rate, which is called discount. Both are called parity. According to exchange rate parity, forward spread usually reflects the spread between two currencies. That is, currencies with high interest rates generally show discounts, while currencies with low interest rates generally show premiums. Forward exchange rate is directly related to the profit and loss of hedging, arbitrage and speculation by using forward foreign exchange transactions.

Forward exchange rate and spot exchange rate are different prices or quotations of different contracts. The spot exchange rate is the contract price for immediate trading. On the other hand, the forward exchange rate refers to the settlement price of transactions that will not happen before the scheduled date in the future. Spot exchange rate or spot price refers to the contract price of buying or selling commodities, securities or currencies for immediate delivery and payment on the spot date, usually one or two working days after the trading day. Spot exchange rate is the current price of assets quoted in spot contracts for immediate settlement.