Q. What is the difference between Non-Deliverable Swap and a Non-Deliverable Forward?
Answer: Settlement for both parties is done through a major currency
Notes: Non deliverable swap: Similar to a non deliverable forward, the only difference being that settlement for both parties is done through a major currency. An NDS is used when an exchange needs to be made between a restricted currency and a major one, whereas an NDF doesn't typically involve a major currency in the exchange.

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