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Foreign exchange quotations & rates forex rate the price of one currency quoted in terms of another currency. There are two types of quotations in the forex market. The american quotations and the european quotations. The european quotations are quotes given as “number of units of a currency per us dollar. Example : USD 1.00usd, Pakistan 105.00 PKR .
Foreign exchange quotations & rates the american quotations are quotes given as “number of us dollars per unit of a currency”. Example : usd0.8775/eur, usd1.6542/gbp etc. Direct quotes : in a country, direct quotes are those that give units of the home currency per unit of a foreign currency. For example : PKR 105.00/usd is a direct quote in PAK, usd 1.00/usd` is a direct quote in ………
3. Foreign exchange quotations & rates indirect quotes : stated as number of units of a foreign currency per unit of home currency. Thus, usd 0.04132/inr is a indirect quote in india and jpy 0.243/usd is an indirect quote in America.
4. Foreign exchange quotations & rates cross rates : given the exchange rates of two countries, the exchange rate for a third country can also be found out. Usd 0.02339/bhatt , usd 0.02538 / inr. What will be the inr to bhatt exchange rate ?