What do you mean by spot …

Spot Market: If the operation is of daily nature, it is called spot market or current market. It handles only spot transactions or current transactions in foreign exchange.

Transactions are affected at prevailing rate of exchange at that point of time and delivery of foreign exchange is affected instantly. The exchange rate that prevails in the spot market for foreign exchange is called Spot Rate. Expressed alternatively, spot rate of exchange refers to the rate at which foreign currency is available on the spot.

Forward Market: A market in which foreign exchange is bought and sold for future delivery is known as Forward Market. It deals with transactions (sale and purchase of foreign exchange) which are contracted today but implemented sometimes in future. Exchange rate that prevails in a forward contract for purchase or sale of foreign exchange is called Forward Rate. Thus, forward rate is the rate at which a future contract for foreign currency is made.