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FOREIGN EXCHANGE ARITHMETIC
What is the meaning of a direct quote in foreign exchange?
A direct quote expresses the price of one unit of foreign currency in terms of the home currency. For example, in India, USD 1 = INR 83.50 is a direct quote.
What is meant by the 'base currency' in a foreign exchange quote?
The currency against which another currency is quoted.
What is an indirect quote in foreign exchange?
An indirect quote expresses the price of one unit of home currency in terms of the foreign currency. For example, INR 1 = USD 0.012 is an indirect quote from an Indian perspective.
What is the 'quote currency' in a foreign exchange pair?
The currency used to express the price of the base currency.
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