Spot Exchange Rate

The rate of a foreign-exchange contract for immediate delivery. Also known as "benchmark rates", "straightforward rates" or "outright rates", spot rates represent the price that a buyer expects to pay for a foreign currency in another currency.

Investopedia Says:
Though the spot exchange rate is said to be settled immediately, the globally accepted settlement cycle for foreign-exchange contracts is two days. Foreign-exchange contracts are therefore settled on the second day after the day the deal is made.

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The price at which a currency can be purchased or sold and then delivered within two business days.

Interest or loan rates that other rates are pegged to. An example is the U.S. Prime rate on which other loan rates are based.