Forward exchange rate calculator
Work out the forward rate for any currency pair from today's rate and the interest rate in each currency, with the forward points and whether it's a premium or a discount. Free, no sign-up, nothing leaves your browser.
- 1Type in your own numbers
- 2The tool works it out
- 3See the answer clearly
The starting figures are examples only. This uses simple interest on a 365-day year; real forward prices use each currency's own day count and include the provider's margin.
Why a forward rate isn't today's rate
If one currency pays more interest than the other, the forward rate adjusts so nobody can earn the gap for free. The currency with the higher interest rate trades weaker in the forward market. That is interest rate parity, and it is why a forward rate is not a forecast of where the rate will go.
Forward points
The gap between the forward rate and the spot rate is quoted in forward points, usually in pips: units of 0.0001, or 0.01 for yen pairs. When you book a forward contract, the price you get is this theoretical rate plus the provider's margin, so comparing the two shows what you're paying.
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