Spot Rate/ Spot Price

The price quoted for immediate settlement on a commodity, a security or a currency. It is based on the value of an asset at the moment of the quote. This value is in turn based on how much buyers are willing to pay and how much sellers are willing to accept, which depends on factors such as current market value and expected future market value. The spot rate is the rate used in the market in two days time. TOM rate is the rate used tomorrow.