The spot rate is the price of a contract for immediate delivery. The name refers to the time frame of delivery, "on the spot," but it's not unusual for the actual exchange to occur over the course of a number of days. A spot rate is in contrast to a forward rate, which is for contracts negotiated for delivery in the extended future.
Typically, it is used to describe the price of foreign currency denominated financial instruments in terms of another currency, making it synonomous with the currency's immediate exchange rate.
