{"id":1395,"date":"2022-10-15T05:43:43","date_gmt":"2022-10-15T05:43:43","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1395"},"modified":"2026-03-30T18:25:59","modified_gmt":"2026-03-30T18:25:59","slug":"forward-rate-each-currency","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/forward-rate-each-currency\/","title":{"rendered":"Calculate the Forward Rate in Each Currency"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Currency Exchange Rates (2025 Level I CFA\u00ae Exam \u2013 Economics \u2013 Module 8)\",\n  \"description\": \"This video lesson covers currency exchange rates, including definitions, nominal vs. real rates, spot vs. forward rates, and market functions. It teaches percentage changes, cross-rate calculations, forward quotations, arbitrage relationships, and premiums\/discounts. Additionally, it explains exchange rate regimes and their effects on trade and capital flows.\",\n  \"uploadDate\": \"2022-03-29T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/Kh3Lq2F_D3Q\/default.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/Kh3Lq2F_D3Q\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/Kh3Lq2F_D3Q\",\n  \"duration\": \"PT31M26S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"When is a base currency at a forward discount?\",\n    \"text\": \"When is a base currency at a forward discount?\\nA. At a time when the interest parity holds.\\nB. When the forward rate is below the spot rate.\\nC. When the forward rate is above the spot rate.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. The base currency is at a forward discount if the forward rate is below the spot rate.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/Kh3Lq2F_D3Q?si=a7cYiuia278GqLES\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>Spot market currencies are exchanged for immediate delivery in the forward rate market, whereas contracts are made to sell or buy currencies for future delivery. For example, when a company in the U.S. buys goods from England valued in British Pounds (\u00a3), then, the importer owes British Pounds (\u00a3) for future delivery, let&#8217;s say in 90 days. If, for instance, the current price of British Pounds (\u00a3) is $1.71, there is the possibility of the British Pound (\u00a3) rising against the U.S. dollar. This would consequently make the goods to cost more.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Negotiating a 90-day forward contract with a bank at a price of, say, \u00a3:$ = 1.72, would nevertheless cushion the importer against this risky exchange. In 90 days, the bank will provide the importer with \u00a31 million while the importer gives the bank $1.72. By doing this, the importer can convert a short underlying position in British Pounds (\u00a3) to a riskless position, and the bank then takes the risk for a premium.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Points to Note<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The forward profit or loss contract is not related to the current spot rate of \u00a3:$ = 1.71.<\/li>\n\n\n\n<li>The profit or loss on the forward contract approximately offsets the change in the U.S. dollar cost of the good order that is associated with movements in the GBP\u2019s value.<\/li>\n\n\n\n<li>The forward contract is not optional. Each party is held to pay the price quoted in the agreement.<\/li>\n<\/ul>\n\n\n\n<div style=\"text-align: center; margin: 24px 0;\">\n  <div style=\"max-width: 680px; margin: 0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display: inline-flex; align-items: center; justify-content: center;\n       width: 100%; padding: 12px 20px;\n       border: 2px solid #1a73e8; border-radius: 999px;\n       color: #1a73e8; text-decoration: none;\n       font-size: 15px; font-weight: 600;\n       line-height: 1.2; white-space: nowrap;\">\n      Work through currency forward rate relationships through our free trial.\n    <\/a>\n  <\/div>\n<\/div>\n\n\n<h2><strong>Interest Rate Parity (IRP)<\/strong><\/h2>\n<p>According to the IRP theory, the currency of\u00a0 a nation with a lower interest rate should be at a forward premium compared to the currency of a nation with a higher interest rate. Considering a market with no transaction costs, the interest differential should almost be equal to the forward differential.<\/p>\n<p>For example, at one point in 2018, the spot euro-dollar exchange rate, expressed as USD\/EUR, was 1.2775 while the one-year forward rate was 1.27485. This meant that the forward rate was trading at a discount with respect to the spot rate. This was because the forward rate was smaller compared to the spot rate. Therefore, the one-year forward points could, then, be quoted as (1.27485 \u2013 1.2775) = -0.00265 = -26.5 pips.<\/p>\n<p>Note that most of the non-yen exchange rates are always quoted to four decimal places (the yen is an exception and is quoted to 2 decimal places for spot rates). In our case, we scale up the answer by four decimal places by multiplying by 10,000 to get -26.5 pips. The answer is then rounded off to the nearest 1 decimal place.<\/p>\n<p>We can also calculate the forward rate consistent with the spot rate and the interest rate in each currency. Since the amount of forward points is proportional to the spread between the foreign and domestic interest rates \\(i_f \u2013 i_d\\), we can evaluate this relationship as:<\/p>\n<p>$$F_{f\/d}-S_{f\/d}=S_{f\/d} [\\frac{i_f-i_d}{1+i_d \u03c4)}]\u03c4$$<\/p>\n<h4>Example: Calculating the Forward Rate in Each Currency<\/h4>\n<p>Assume that we want to know the 31-day forward exchange rate from a 31-day domestic risk-free interest rate of 2.5% per year. Further, assume that the foreign 31-day risk-free interest rate is 3.5% with a spot exchange rate, \\(S_{f\/d}\\), of 1.5630. In this instance, we simply have to substitute these values into the forward rate equation:<\/p>\n<p>$$F_{f\/d}=S_{f\/d}(\\frac{1 + i_f \u03c4}{1+i_d \u03c4})$$<\/p>\n<p>$$F_{f\/d}=1.5630 (\\frac{1+0.035\u00d7\\frac{31}{360}}{1+0.025\u00d7\\frac{31}{360}})=1.5643$$<\/p>\n<p>Hence, the forward trading premium is:<\/p>\n<p>$$F_{f\/d} \u2013 S_{f\/d}= 1.5643 \u2013 1.5630 = 0.0013$$<\/p>\n<p>Since forward premiums or discounts are usually quoted in pips or points (1\/100 of 1%), multiplying the result by 10,000 will give us \\(0.0013\u00d710,000 = 13\\) pips. This is the forward trading premium quoted in pips or points.<\/p>\n<p>We can alternatively use the above formula as:<\/p>\n<p>$$F_{f\/d}-S_{f\/d}=1.5630[\\frac{0.035-0.025}{1+0.025\\times \\frac{31}{360}}] \\times \\frac{31}{360}=0.001343$$<\/p>\n<p>Note that the above formula application is approximately the same as forward trading premium before.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>When is a base currency at a forward discount?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">At a time when the interest parity holds.<\/li>\n<li data-tadv-p=\"keep\">When the forward rate is below the spot rate.<\/li>\n<li data-tadv-p=\"keep\">When the forward rate is above the spot rate.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>B<\/strong>.<\/p>\n<p>The base currency is at a forward discount if the forward rate is below the spot rate.<\/p>\n<\/blockquote>\n<div class=\"notes_inv\"><hr \/>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/economics\/learning-sessions-curriculum-economics\/\"><em>Economics &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>\n<p>\u00a0<\/p>\n\n\n<div style=\"text-align: center; margin: 40px 0;\">\n  <a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 20px; border-radius: 999px; background-color: #1a73e8; color: #ffffff; text-decoration: none; font-weight: 600;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\">\n    Start Free Trial \u2192\n  <\/a>\n  <p style=\"font-size: 15px; margin-top: 12px; color: #555;\">\n    Practice forward exchange rates, interest rate parity, and currency pricing with CFA Level I questions.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spot market currencies are exchanged for immediate delivery in the forward rate market, whereas contracts are made to sell or buy currencies for future delivery. For example, when a company in the U.S. buys goods from England valued in British&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1395","post","type-post","status-publish","format-standard","hentry","category-economics","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Forward Rate Calculation by Currency | CFA Level 1<\/title>\n<meta name=\"description\" content=\"The forward rate is calculated using the spot rate and interest rates in each currency, aligning with Interest Rate Parity. 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