Forward = Spot +Swap points

Example

ILS/USD

Spot rate = 4.1653/4.1753

Swap points 1 M = 84/105
Forward rate 1M =4.1737/4.1858

Roll over a Forward

Getting the same spot rate for the close of
the previous forward and for the opening
of the new one and adding the swap
points for 1 month

Example
On January 1st. A company bought a forward contract on
.the USD/ILS to March 19
On March 19 the company decided to roll over the
.to April 19

forward

The company will sell the $ at the spot

Bid price=4.1653

The company will open a new forward to April 19

The forward rate= The spot of the sell + swap points
Fwd=4.1653+0.0105= 4.1758

Cross rate - Example

Spot ILS/USD 4.1653/753
Spot USD/EUR 0.8946/51
Spot ILS/EUR 3.726/37
Swap points 1 M ILS/USD = 84/105
Swap points 1 M USD/EUR = -0.14/1.57
Swap points 1 M ILS/EUR = 72.52/89.59

Forward rate 1 M ILS/USD = 4.1737/858

Forward rate 1 M USD/EUR =0.8946/52
Forward rate 1 M ILS/EUR = 3.733/45

Cross rate
A company wants to buy a forward on the Euro/ILS

Buy a Euro forward /ILS , 3.745

Buy a Euro forward /USD , 0.8952
Buy a USD forward /ILS , 4.1858
Buy Euro sell ILS = Sell ILS Buy USD, Sell USD Buy Euro
3.747= 4.1858* 0.8952