Question

    If the INR is quoted as 1 USD = Rs.76, it is called a

    _________
    A Correct quote Correct Answer Incorrect Answer
    B Straight quote Correct Answer Incorrect Answer
    C Direct quote Correct Answer Incorrect Answer
    D Upfront quote Correct Answer Incorrect Answer
    E Open quote Correct Answer Incorrect Answer

    Solution

    Direct quote is when foreign currency is fixed and Indian rupee are variable (i.e. 1USD = Rs.76). Indirect quote is when foreign currency is variable and Indian Rupee is fixed (i.e. Rs.100= USD 1.32). In India, direct quotes are quoted for INR.

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