Currency swaps is a financial instrument and academic concept focused on agreements between two parties to exchange principal and interest payments denominated in different currencies over a specified period. This research area investigates the structure, valuation models, risk management capabilities (particularly foreign exchange risk mitigation), applications in corporate finance and international investment, market dynamics, and regulatory aspects of these cross-currency exchanges, including variations like fixed-for-fixed and fixed-for-floating structures. Its significance lies in facilitating cross-border funding, managing currency exposures, and historically, navigating capital controls.