An exchange rate is the price of one countrys currency expressed in another countrys currency.

The exchange rates of the euro ( ) and the Japanese yen () relative to the U.S. dollar ($) are listed as follows:

	Spot Rate
Euro	0.7957 / $1
Yen	105.7800 / $1

When exchange rates are stated in (either EU or USA $ terms, the foreign exchange rate quotation represents the units of domestic currency that can be purchased with $1.

The home currency price of one unit of foreign currency is called (a direct or an Indirect) quotation.