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What is the name given for the most common way in which professional dealers and brokers...

What is the name given for the most common way in which professional dealers and brokers state foreign exchange quotations in the interbank market? What is the alternative name?

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Answer #1

In the inter bank markets exchange quotations are commonly stated as buying rates and selling rates.

Buying rate indicates the rate at which the foreign currency will be purchased in the Interbanks; Example Assume Dollars as foreign currency, dollars will be purchased at Rs.74.40 per dollar

Selling rate indicates the rate at which the foreign currency will be sold to the customers; Dollars will be sold at 74.60 per dollar.

Alternative name for Buying rate is Bid rate

Alternative name for Selling rate is Ask rate

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