Direct and indirect quotes for foreign exchange

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Foreign-exchange quotes are frequently given as a direct quote or as an indirect quote. In this pair of definitions, the home or reference currency is critical. A direct quote is a home currency price per unit of a foreign currency, such as $0.2300 per Saudi Arabian riyal (SR) for a US resident. An indirect quote is a foreign-currency price per unit of a home currency, such as SR4.3478 per US dollar for a US resident. In Saudi Arabia, the foreign-exchange quote, "$0.2300," is an indirect quotation, while the foreign-exchange quote, "SR4.3478," is a direct quotation. In the USA, both quotes are reported daily in The Wall Street Journal and other financial press.

Table 5.1 Currency cross rates and exchange rates Key currency cross rates

Late New York Trading Friday, July 9, 2004

Dollar Euro Pound SFranc Peso Yen CdnDlr

Canada 1.3184 1.6364 2.4513 1.0775 .11474 .01217

Japan

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