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Home Categories Guide to Forex Trading Forex is a global trading platform for the exchange of national currencies. Foreign exchange risk refers to the losses that an international financial transaction may incur due to fluctuations in foreign exchange rates. A foreign exchange forward contract (FEC) is an agreement between two parties to make a foreign exchange transaction, usually involving a currency pair that is not available on the foreign exchange markets. Forward contracts differ from futures contracts in that they are customizable in terms of size and duration or maturity. A forward premium is a situation in which the forward or expected future price of a currency is higher than the spot price. The Gibraltar Pound (GIP for short) is the official currency of Gibraltar. The Guinean franc (GNF) is the national currency of the African state of Guinea. A hard loan occurs when a foreign borrower takes out a loan denominated in a hard currency such as a reserve currency such as the US dollar. The Hungarian forint is the national currency of Hungary. Indian rupee - the currency of India; INR is the currency code and the currency symbol is ₹.