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A currency forward contract is an agreement between two parties to exchange a fixed amount of one currency for another at an agreed-upon future date with a fixed exchange rate. There are outright forwards and non-deliverable forwards. Outright forward contracts involve the exchange of two currencies, while non-deliverable forward contracts are settled in a single currency like the US dollar. Both types can be used for speculation or risk management. This tutorial focuses on outright forward contracts, using an example of a US technology company expecting a payment of 10 million British pounds in 90 days at a spot rate of $1.60 per pound.
