Currency Forward

Currency forwards are Over-The-Counter (OTC) derivatives that lock in an exchange rate for a currency pair for settlement on an agreed date in the future.
Forward contracts are fully flexible in terms of notional amounts and maturities, although one-month or three-month forwards are most commonly used for hedging purposes.
The difference between a forward rate and the spot exchange rate mainly derives from the interest-rate differential between the two currencies. It can also be affected by the cross-currency basis.
The difference between a forward rate and the spot exchange rate mainly derives from the interest-rate differential between the two currencies. It can also be affected by the cross-currency basis.

Forward Contract

A forward contract is a personalized commitment between two parties to buy or sell an asset at a specified price and at a later date. A forward contract may be used for hedging or speculative purposes, although its non-standardized nature makes it particularly suitable for hedging purposes.
Forward contracts are adaptable to a specific commodity, amount and delivery date.
Forward contracts are not traded on a centralized exchange and are considered as OTC (Over-the-Counter) instruments.