Deliverable currency forward
"This is a binding agreement to buy or sell a certain amount of currency for another currency on a certain date in the future at a predetermined rate. This feature allows fixing the exchange rate of foreign exchange earnings or expected expenses for more accurate planning of cash flows."
Non-deliverable currency forward
This is an agreement to buy or sell a certain amount of currency for another currency on a certain date in the future at a predetermined rate. Calculation occurs only on the difference between the forward and market rates at the time of expiration of the contract.