Gilded Question. In 1923, one ounce of gold costs 382 French francs (FRF). If at the same time one ounce of gold could be purchased in Britain for GBP4.31, what was the exchange rate between the French franc and the British pound? The implied exchange rate is FRF GBP. (Round to two decimal places.) Brent oil. In 2015 one barrel of Brent oil traded for GBP42.54 and South Africa rands (ZAR) 792. What is the exchange rate between the pound and the rand? How would the exchange rate change if the oil price jumps to GBP52 per barrel (assume no change in the price in South Africa)? BE The implied exchange rate when the price is GBP42.54 per barrel is ZAR/GBP. (Round to two decimal places.)