A term used as a reference for quoting a currency pair. The counter currency is the second currency in that pairing. A slash is used between the currency and counter currency to indicate their relative values. For example, EUR/USD 1.4431 means 1 Euro is worth 1.4431 dollars. The dollar is the counter currency in this case, but the relation could easily be reversed. USD/EUR 0.692953 is the same relationship with the euro as the counter currency instead. Also called quote currency.
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rate of exchange
equilibrium exchange rate
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