The price quoted for a transaction that is to be made on the spot, I.E. for delivery and payment now rather than at some point in the future. The spot price for currencies is generally for delivery in two working days.
The price for a oneâ€“time open market transaction for immediate delivery of a specific quantity of product at a specific location where the commodity is purchased "on the spot" at current market rates. In other words, the price at which refiners and importers sell product into the wholesale market.
The spot price or spot rate of a commodity, a security or a currency is the price that is quoted for immediate (spot) settlement (payment and delivery). Spot settlement is normally one or two business days from trade date. This is in contrast with the forward price established in a forward contract or futures contract, where contract terms (price) are set now, but delivery and payment will occur at a future date.