When we deal with Foreign exchange problem, we should know the price of currency in term of domestic currency. When we have foreign currency value with domestic currency, is called Direct Quote.
For Example 1USD=68.03INR
Left Hand Foreign Currency and Right hand Side Domestic Currency
Foreign Currency Fixed and domestic Currency Variable
Indirect Quote- When Domestic Currency is Fixed and Foreign Currency variable
Rupee 100=1.47 USD
Cross Rate/Quote- Sometime We do not have direct or Indirect quote in two currency but we have multiple quote to get direct quote or market price of a currency.
For Example- USD/INR is not available but GBP/INR AND USD/GBP IS GIVEN , with help of these two rate we can obtain USD/INR
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