Non-Deliverable Forwards

The settlement currency for a non-deliverable forward contract is:

No. You can't deliver a currency that's controlled, that's the purpose of the non-deliverable forward.

No, actually. The USD or CHF are usually used, but that's not always the case.

Bingo! It's pretty straightforward, the non-controlled currency in the currency pair is the currency used to settle the non-deliverable forward because it's the only currency in the pair that foreign investors can access.

the controlled currency.

always the USD or CHF.

the non-controlled currency in the currency pair.