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The price of one currency in terms of another. Always check which currency is being priced.
If more local currency is required to buy one foreign unit, the local currency has weakened in that quotation. This can raise local import costs, all else equal. Fees, contracts and exporters’ pricing can change the actual effect.
At 150 local units per foreign unit, an import priced at 10 foreign units costs 1,500 local units before fees.
See what a currency change means for a foreign-currency purchase.
When the local-per-foreign quote rises, the same foreign-price import costs more locally, all else equal.
The quote is local currency per one foreign unit. Local cost = foreign price × that quote. The comparison uses an illustrative quote of 150. No shipping, taxes, fees or hedging. These are hypothetical values, including the Jamaica example; they are not current exchange rates.
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