An outright purchase or sale of an asset (commodity, currency, etc) for delivery on a fixed date in the future. That is, the underlying transaction of a forward outright takes place on a date other than the spot value date. For example, a currency forward outright involves the purchase or sale of one currency against another for delivery after three month from today. This transaction provides a means of hedging against currency movements by locking in an exchange rate for a currency transaction taking place on a future date.