Spot Exchange Rate
In foreign exchange terminology, the spot exchange rate is the actively-traded, market-determined amount of the base or primary currency expressed in units of the counter or secondary currency quoted for delivery value spot.The spot value date is two business days for all currencies except for USD/CAD which is one business day.
The spot exchange rate quotation has traditional conventions in the interbank forex market. For example, the base currency is U.S. Dollars when quoted against the Japanese Yen, the Canadian Dollar and most minor and exotic currencies. On the other hand, the U.S. Dollar is usually the counter-currency when quoted against the British Pound, the Euro, and the Australian and New Zealand Dollars.