An exchange rate is the measurement of a country domestic in terms of the price of another country's currency i.e. a foreign currency. These domestic currencies are quoted directly or indirectly against the foreign currencies. When a foreign currency price is quoted again the domestic currency price, this is referred to as direct quotation and when a domestic currency price is quoted a foreign currency price, we have what is referred to as indirect quotation. Most exchange rates are quoted in US dollars.
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