Forex swap cost

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How do currency swaps work?

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What does swap mean in trading foreign currencies?

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List of Partners vendors. A currency swap is a transaction in which two parties exchange an equivalent amount of money with each other but in different currencies. The parties are essentially loaning each other money and will repay the amounts at a specified date and exchange rate. The purpose could be to hedge exposure to exchange-rate risk , to speculate on the direction of a currency, or to reduce the cost of borrowing in a foreign currency.

The parties involved in currency swaps are usually financial institutions, trading on their own or on behalf of a non-financial corporation.

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Currency swaps and FX forwards now account for a majority of the daily transactions in global currency markets, according to the Bank for International Settlements. In a currency swap, or FX swap, the counter-parties exchange given amounts in the two currencies. At the end of the agreement, they will swap again at either the original exchange rate or another pre-agreed rate, closing out the deal. Swaps can last for years, depending on the individual agreement, so the spot market's exchange rate between the two currencies in question can change dramatically during the life of the trade.

This is one of the reasons institutions use currency swaps.