test your understanding 6 , chapter 13 gold smith co. from kaplan text book

with forex swap and forward

buy 800m escudos @ 22 ( 36.36 )

swap 800m escudos back @ 22 36.36

sell 200m escudos @ 30 6.67

interest on krown loan ( 36.36 * 15% ) ( 5.45 )

Swap fee ( 36.36 * 1% ) ( 0.36 )
( 36.36 ) 37.72

net receipt is 0.86 million krown

I would like to know that when swap is agreed , then swap rate should be used for initial time of investment and for proceed time only ?here in the investment phase it has used rate of 22 and also at while selling 800 m escudos also it has used the same rate 22
is this the rule for every case in forex swap ? and what are the other thing that is relevant in the case of forex swap?