A foreign exchange rate is quoted as domestic currency per unit of a foreign currency. In other words, it involves quoting in fixed units of foreign currency against variable amounts of the domestic currency. For example, in the U.S., a direct quote for the Canadian dollar would be US$0.85 = C$1. Conversely, in Canada, a direct quote for U.S. dollars would be C$1.17 = US$1.

A foreign exchange rate quoted as the domestic currency per unit of the foreign currency.

The number of a foreign currency that one dollar could buy.