In forex markets, it refers to the actual forward rate which is used in an outright forward contract. It is the rate of exchange for a specific date in the future. The FX forward rate can be calculated using the fixed-term interest rates of each currency and the spot rate. The forward outright rate usually differs from the swap rate premium or discount. More specifically, the differential of the forward rate minus the spot rate is known as the swap rate (not to be confused with the rate on interest rate swaps or other swaps).

The forward outright rate is also known as a forward exchange rate.