USD/RUB 21M FX Forward Swap Pts (Mid)

USD/RUB FX Forward Swap Pts represent the difference between the forward and spot exchange rates for the currency pair, which is added to or subtracted from the spot rate to determine the price for an exchange on a future date. In essence, the value of swap points reflects the interest rate differential between the two currencies (in this case, the U.S. Dollar and the Russian Ruble) for the term of the contract and represents the cost of funding or carrying an open currency position over time. Market participants use swap points to calculate forward rates for the purposes of hedging currency risk, managing liquidity, or to realize speculative profits arising from the difference in borrowing costs in the respective currencies.