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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 it works/Example: The most common type of interest rate swap is one in which Party A agrees to make payments to Party B based on a fixed interest rate, and Party B agrees to make payments to Party A based on a floating interest rate.ne more thing to note is that in an interest rate swap, the parties never exchange the principal amounts. On the payment date, it is only the difference between the fixed and variable interest amounts that is paid; there is no exchange of the full interest amounts.