NISM Series I (Currency Derivatives) Practice Questions - NISM-Series-I Currency Derivatives Certification Examination Exam

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An Indian importer has to pay USD 100,000 to a US supplier. The exchange rate is quoted by a bank in Mumbai as USD/INR = 83.50. Under this direct quotation, which of the following statements is correct?

USD is the quote currency and INR is the base currency INR is the quote currency and USD is the base currency Both currencies are quote currencies in the Indian market This represents an indirect quote from the perspective of a Mumbai resident

Correct Answer:

INR is the quote currency and USD is the base currency

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