If it is written $/£ is 1.5 what does it stands for
1£ = 1.5$ or
1$ = 1.5£
hi,
In a Forex quote, the first quoted currency is called the BASE currency. Its value is always 1. The second currency is called the "quote currency" Its value is what is given by the quote.
In your example - USD/GBP 1.5 ------
First currency --- USD ---- Base currency ---- value is 1
Second currency ----- GBP ---- Quote currency ---- value is 1.5
THus it should be read as 1 USD = 1.5 GBP
It also means you are holding USD and wish to buy GBP. On the other hand if you wish to buy USD you will need a GBP/USD quote.
Vinayak M Asundi
(Service)
(0 Points)
Replied 06 July 2008
YOU ARE WRONG BOSS. DOLLAR PRICE IS LESS THAN THE POUND
CA Mayank Chopra
(Chartered Accountant)
(139 Points)
Replied 07 July 2008
$/£ is1.5
means $ per Pound...
i.e. 1.5$ per pound.
1pound= 1.5$...this is the answer
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