Consider a 12-month forward contract written on USDTRY. The current spot price is 8.2900 TRY per USD. 12 -month continuously compounded borrowing and lending risk free interest rates are 1.572% and 18.942% per annum for USD and TRY, respectively. What is the correct price of this forward contract at the inception?

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Treasury Market

On-the-run securities are the most recently issued securities in the market depth and are therefore traded at some premium. The off-the-run securities are the ones issued just before the most recent ones. The on-the-run securities have a lower yield to the investor than the off-the-run securities.