A contract for the purchase or sale of a currency where delivery will take place at a future date is called a forward exchange rate.

Name: A contract for the purchase or sale of a currency where delivery will take place at a future date is called a forward exchange rate.
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A forward exchange rate is an agreement to buy or sell a specific currency at a predetermined price and date in the future. It is a type of contract used in foreign exchange markets.

A Contract for the Purchase or Sale of a Currency