r minor is the interest in the minor currency for the relevant period (days)
r major is the interest in the major currency for the relevant period (days)
Obligation to buy the major currency and sell the minor currency, at the forward strike, at the expiry date and at the notional amount (usually denominated in major currency terms).
Who is the product for? - For companies that are exposed to the appreciation of the major currency relative to the minor currency (Ex. EUR/USD going up).
Obligation to Sell the major currency and buy the minor currency, at the forward strike, at the expiry date and at the notional amount (usually denominated in major currency terms).
Who is the product for? - For companies that are exposed to the depreciation of the major currency relative to the minor currency (Ex. EUR/USD going down).
But forward payout in minor currency terms = (Rate at expiry - Forward strike) Notional amount in major currency terms
Sell forward payout in minor currency terms = (Forward strike - Rate at expiry) Notional amount in major currency terms
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