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Pricing: For a floating-floating currency swap where only the exchange rate is hedged, a market. exchange rate (typically, the spot rate as of the effective date of the swap) is used to convert the. payment amounts of the local currency into the target currency. The same exchange rate is used.
How to Account for Interest Rate Swaps. Interest rate swaps are a common financial derivative used to hedge interest rate risk. Market interest rates change over time, and businesses can sustain potential financing losses from either a rate increase or rate decrease, depending on the type of borrowing liabilities.