Forward Rates Calculator

Use covered interest rate parity to derive a forward FX rate from spot and the two short-term interest rates

Spot Rate (Base / Quote)

Base Currency Interest %

Quote Currency Interest %

Days to Maturity

Day Basis

Forward Rate

Forward Points

Premium / Discount

Annualized %

F = S × (1 + r_quote × t) ÷ (1 + r_base × t), where t = days ÷ basis.

If the base currency yields more, the forward trades at a discount to spot; otherwise at a premium.

Covered interest parity ensures borrowing one currency to invest in the other gives the same return as the forward.