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Exchange rates and Forex Business
What is the exchange rate?
The exchange rate is the price of one currency expressed in terms of another currency, determined by supply and demand in the foreign exchange market.
What is the interbank exchange rate?
Rate at which banks trade currencies among themselves
What is a direct quote in foreign exchange?
A direct quote expresses the number of units of domestic currency required to purchase one unit of foreign currency, e.g., INR 84 = 1 USD in India.
What is a pip in the context of forex rates?
Smallest price movement in a currency pair quote
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