Spot rate Quotations ss EXCHANGE RATES The direct etail transactions provde fewer unit eign currency per rr u.ss 27624 quote for Australia .12777822 British 0252894948 16880) 90-Day Forward ----- 1.6843 器| pound1s 001360013113183 32.52 ￡l=$1.688 二都需:器311品 30-Day Venezuela 47887 的e6: a-fixing, Moscow Inter bank Currency Exchange McGraw-Hilylrwoin 4-10 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 4-10 The New York foreign exchange selling rates below apply to trading among banks in amounts of $1 million and more, as quoted at 4 p.m. Eastern time by Dow Jones Telerate Inc. and other sources. Retail transactions provide fewer units of foreign currency per dollar. Special Drawing Rights (SDR) are based on exchange rates for the U.S., German, British, French, and Japanese currencies. Source: International Monetary Fund. European Currency Unit (ECU) is based on a basket of community currencies. a-fixing, Moscow Interbank Currency Exchange. EXCHANGE RAT ES Country Argentina (Peso) Australia (Dollar) Austria (Schilling) Bahrain (Dinar) Belgium (Franc) Brazil (Real) Britain (Pound) 30-Day Forward 90-Day Forward 180-Day Forward Canada (Dollar) 30-Day Forward 90-Day Forward 180-Day Forward Chile (Peso) China (Renminbi) Colombia (Peso) C zech . Rep (Krouna) Commercial rate Denmark (Krone) Ecuador (Sucre) Floating rate Finland (Markka) France (Franc) 30-Day Forward 90-Day Forward 180-Day Forward Germany (Mark) 30-Day Forward 90-Day Forward 180-Day Forward Greece (Drachma) Hong Kong (Dollar) Hungary (Forint) India (Rupee) Indonesia (Rupiah) Ireland (Punt) Israel (Shekel) Italy (Lira) W ed. 1.0012 .7805 .09043 2.6525 .03080 .9607 1.6880 1.6869 1.6843 1.6802 .7399 .7414 .7442 .7479 .002352 .1201 .0009985 .... .03662 .1663 .... .0002766 .2121 .1879 .1882 .1889 .1901 .6352 .6364 .6389 .6430 .004049 .1292 .006139 .02787 .0004233 1.6664 .3079 .0006483 Tues. 1.0012 .7902 .09101 2.6525 .03105 .9615 1.6946 1.6935 1.6910 1.6867 .7370 .7386 .7413 .7450 .002356 .1201 .0009985 .... .03677 .1677 .... .0002787 .2135 .1893 .1896 .1903 .1914 .6394 .6407 .6432 .6472 .004068 .1292 .006164 .02786 .0004233 1.6714 .3085 .0006510 W ed. .9988 1.2812 11.058 .3770 32.470 1.0409 .5924 .5928 .5937 .5952 1.3516 1.3488 1.3437 1.3370 425.25 8.3272 1001.50 .... 27.307 6.0118 .... 3615.00 4.7150 5.3220 5.3126 5.2935 5.2617 1.5744 1.5714 1.5652 1.5552 246.98 7.7390 162.89 35.875 2362.15 .6001 3.2474 1542.50 Tues. .9988 1.2655 10.988 .3770 32.205 1.0401 .5901 .5905 .5914 .5929 1.3568 1.3539 1.3489 1.3422 424.40 8.3276 1001.50 .... 27.194 5.9633 .... 3587.50 4.6841 5.2838 5.2741 5.2558 5.2243 1.5639 1.5607 1.5547 1.5450 245.80 7.7390 162.23 35.890 2362.63 .5983 3.2412 1536.00 U.S. $ equiv. per U.S. $ Currency Country Japan (Yen) 30-Day Forward 90-Day Forward 180-Day Forward Jordan (Dinar) Kuwait (Dinar) Lebanon (Pound) Malaysia (Ringgit) Malta (Lira) M exico (Peso) Floating rate Netherland (Guilder) N ew Zealand (Dollar) Norway (Krone) Pakistan (Rupee) Peru (new Sol) Philippines (Peso) Poland (Zloty) Po rtugal (Escudo) Russia (Ruble) (a) Saudi Arabia (Riyal) Singapore (Dollar) Slovak Rep. (Koruna) South Africa (Rand) South Korea (Won) Spain (Peseta) Sweden (Krona) Switzerland (Franc) 30-Day Forward 90-Day Forward 180-Day Forward Taiwan (Dollar) Thailand (Baht) Turkey (Lira) United Arab (Dirham) Uruguay (New Peso) Financial Venezuela (Bolivar) SDR ECU W ed. .008639 .008676 .008750 .008865 1.4075 3.3367 .0006445 .4018 2.7624 .... .1278 .5655 .7072 .1540 .02529 .3814 .03800 .3460 .006307 .0001787 .2666 .7116 .03259 .2141 .001184 .007546 .1431 .7334 .7357 .7401 .7470 .03638 .03902 .00000911 .2723 .... .1145 .002098 - - - 1.4315 1.2308 Tues. .008681 .008718 .008791 .008907 1.4075 3.3389 .0006445 .4002 2.7701 .... .1277 .5699 .7106 .1548 .02529 .3840 .03802 .3475 .006369 .0001788 .2667 .7124 .03259 .2142 .001184 .007603 .1435 .7387 .7411 .7454 .7523 .03637 .03906 .00000915 .2723 .... .1145 .002096 1.4326 1.2404 W ed. 115.75 115.26 114.28 112.80 .7105 .2997 1551.50 2.4885 .3620 .... 7.8220 1.7685 1.4140 6.4926 39.540 2.6218 26.318 2.8900 158.55 5595.00 3.7503 1.4053 30.688 4.6705 844.75 132.52 6.9865 1.3635 1.3593 1.3511 1.3386 27.489 25.625 109755.00 3.6720 .... 8.7300 476.70 .6986 .......... Tues. 115.20 114.71 113.76 112.28 .7105 .2995 1551.50 2.4990 .3610 .... 7.8330 1.7547 1.4073 6.4599 39.540 2.6039 26.300 2.8780 157.02 5594.00 3.7502 1.4037 30.688 4.6690 844.65 131.53 6.9697 1.3537 1.3494 1.3416 1.3293 27.493 25.605 109235.00 3.6720 .... 8.7300 477.12 .6980 ........... U.S. $ equiv. Currency W per U.S. $ ednesday, January 8, 1997 Spot Rate Quotations The direct quote for British pound is: £1 = $1.688
Spot rate Quotations ss EXCHANGE RATES The indirect etail transactions provde fewer unit eign currency per rr u.ss 27624 quote for Australia .12777822 British 0252894948 90-Day Forward ----- 1 6843 691059375914 器| pound1s 001360013113183 32.52 ￡5924=$1 30-Day Venezuela 47887 的e6: a-fixing, Moscow Inter bank Currency Exchange McGraw-Hilylrwoin 4-11 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 4-11 The New York foreign exchange selling rates below apply to trading among banks in amounts of $1 million and more, as quoted at 4 p.m. Eastern time by Dow Jones Telerate Inc. and other sources. Retail transactions provide fewer units of foreign currency per dollar. Special Drawing Rights (SDR) are based on exchange rates for the U.S., German, British, French, and Japanese currencies. Source: International Monetary Fund. European Currency Unit (ECU) is based on a basket of community currencies. a-fixing, Moscow Interbank Currency Exchange. EXCHANGE RAT ES Country Argentina (Peso) Australia (Dollar) Austria (Schilling) Bahrain (Dinar) Belgium (Franc) Brazil (Real) Britain (Pound) 30-Day Forward 90-Day Forward 180-Day Forward Canada (Dollar) 30-Day Forward 90-Day Forward 180-Day Forward Chile (Peso) China (Renminbi) Colombia (Peso) C zech . Rep (Krouna) Commercial rate Denmark (Krone) Ecuador (Sucre) Floating rate Finland (Markka) France (Franc) 30-Day Forward 90-Day Forward 180-Day Forward Germany (Mark) 30-Day Forward 90-Day Forward 180-Day Forward Greece (Drachma) Hong Kong (Dollar) Hungary (Forint) India (Rupee) Indonesia (Rupiah) Ireland (Punt) Israel (Shekel) Italy (Lira) W ed. 1.0012 .7805 .09043 2.6525 .03080 .9607 1.6880 1.6869 1.6843 1.6802 .7399 .7414 .7442 .7479 .002352 .1201 .0009985 .... .03662 .1663 .... .0002766 .2121 .1879 .1882 .1889 .1901 .6352 .6364 .6389 .6430 .004049 .1292 .006139 .02787 .0004233 1.6664 .3079 .0006483 Tues. 1.0012 .7902 .09101 2.6525 .03105 .9615 1.6946 1.6935 1.6910 1.6867 .7370 .7386 .7413 .7450 .002356 .1201 .0009985 .... .03677 .1677 .... .0002787 .2135 .1893 .1896 .1903 .1914 .6394 .6407 .6432 .6472 .004068 .1292 .006164 .02786 .0004233 1.6714 .3085 .0006510 W ed. .9988 1.2812 11.058 .3770 32.470 1.0409 .5924 .5928 .5937 .5952 1.3516 1.3488 1.3437 1.3370 425.25 8.3272 1001.50 .... 27.307 6.0118 .... 3615.00 4.7150 5.3220 5.3126 5.2935 5.2617 1.5744 1.5714 1.5652 1.5552 246.98 7.7390 162.89 35.875 2362.15 .6001 3.2474 1542.50 Tues. .9988 1.2655 10.988 .3770 32.205 1.0401 .5901 .5905 .5914 .5929 1.3568 1.3539 1.3489 1.3422 424.40 8.3276 1001.50 .... 27.194 5.9633 .... 3587.50 4.6841 5.2838 5.2741 5.2558 5.2243 1.5639 1.5607 1.5547 1.5450 245.80 7.7390 162.23 35.890 2362.63 .5983 3.2412 1536.00 U.S. $ equiv. per U.S. $ Currency Country Japan (Yen) 30-Day Forward 90-Day Forward 180-Day Forward Jordan (Dinar) Kuwait (Dinar) Lebanon (Pound) Malaysia (Ringgit) Malta (Lira) M exico (Peso) Floating rate Netherland (Guilder) N ew Zealand (Dollar) Norway (Krone) Pakistan (Rupee) Peru (new Sol) Philippines (Peso) Poland (Zloty) Po rtugal (Escudo) Russia (Ruble) (a) Saudi Arabia (Riyal) Singapore (Dollar) Slovak Rep. (Koruna) South Africa (Rand) South Korea (Won) Spain (Peseta) Sweden (Krona) Switzerland (Franc) 30-Day Forward 90-Day Forward 180-Day Forward Taiwan (Dollar) Thailand (Baht) Turkey (Lira) United Arab (Dirham) Uruguay (New Peso) Financial Venezuela (Bolivar) SDR ECU W ed. .008639 .008676 .008750 .008865 1.4075 3.3367 .0006445 .4018 2.7624 .... .1278 .5655 .7072 .1540 .02529 .3814 .03800 .3460 .006307 .0001787 .2666 .7116 .03259 .2141 .001184 .007546 .1431 .7334 .7357 .7401 .7470 .03638 .03902 .00000911 .2723 .... .1145 .002098 - - - 1.4315 1.2308 Tues. .008681 .008718 .008791 .008907 1.4075 3.3389 .0006445 .4002 2.7701 .... .1277 .5699 .7106 .1548 .02529 .3840 .03802 .3475 .006369 .0001788 .2667 .7124 .03259 .2142 .001184 .007603 .1435 .7387 .7411 .7454 .7523 .03637 .03906 .00000915 .2723 .... .1145 .002096 1.4326 1.2404 W ed. 115.75 115.26 114.28 112.80 .7105 .2997 1551.50 2.4885 .3620 .... 7.8220 1.7685 1.4140 6.4926 39.540 2.6218 26.318 2.8900 158.55 5595.00 3.7503 1.4053 30.688 4.6705 844.75 132.52 6.9865 1.3635 1.3593 1.3511 1.3386 27.489 25.625 109755.00 3.6720 .... 8.7300 476.70 .6986 .......... Tues. 115.20 114.71 113.76 112.28 .7105 .2995 1551.50 2.4990 .3610 .... 7.8330 1.7547 1.4073 6.4599 39.540 2.6039 26.300 2.8780 157.02 5594.00 3.7502 1.4037 30.688 4.6690 844.65 131.53 6.9697 1.3537 1.3494 1.3416 1.3293 27.493 25.605 109235.00 3.6720 .... 8.7300 477.12 .6980 ........... U.S. $ equiv. Currency W per U.S. $ ednesday, January 8, 1997 Spot Rate Quotations The indirect quote for British pound is: £.5924 = $1
Spot rate Quotations ednesday, January 8, 1997 EXCHANGE RATES Note that Retail transactions pr dollar wed s eques. weer the direct 9.540 quote is the Pound) reciprocal of 80-Day Forward siog ak Rep. Koruna): 03256 噩| the indirect %第8/8{ 00235 quote 11458.7300 688 5924 量圈 al Drawing Rights fixing, Moscow Interbank Currency Exchange. McGraw-Hilylrwoin 4-12 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 4-12 The New York foreign exchange selling rates below apply to trading among banks in amounts of $1 million and more, as quoted at 4 p.m. Eastern time by Dow Jones Telerate Inc. and other sources. Retail transactions provide fewer units of foreign currency per dollar. Special Drawing Rights (SDR) are based on exchange rates for the U.S., German, British, French, and Japanese currencies. Source: International Monetary Fund. European Currency Unit (ECU) is based on a basket of community currencies. a-fixing, Moscow Interbank Currency Exchange. EXCHANGE RAT ES Country Argentina (Peso) Australia (Dollar) Austria (Schilling) Bahrain (Dinar) Belgium (Franc) Brazil (Real) Britain (Pound) 30-Day Forward 90-Day Forward 180-Day Forward Canada (Dollar) 30-Day Forward 90-Day Forward 180-Day Forward Chile (Peso) China (Renminbi) Colombia (Peso) C zech . Rep (Krouna) Commercial rate Denmark (Krone) Ecuador (Sucre) Floating rate Finland (Markka) France (Franc) 30-Day Forward 90-Day Forward 180-Day Forward Germany (Mark) 30-Day Forward 90-Day Forward 180-Day Forward Greece (Drachma) Hong Kong (Dollar) Hungary (Forint) India (Rupee) Indonesia (Rupiah) Ireland (Punt) Israel (Shekel) Italy (Lira) W ed. 1.0012 .7805 .09043 2.6525 .03080 .9607 1.6880 1.6869 1.6843 1.6802 .7399 .7414 .7442 .7479 .002352 .1201 .0009985 .... .03662 .1663 .... .0002766 .2121 .1879 .1882 .1889 .1901 .6352 .6364 .6389 .6430 .004049 .1292 .006139 .02787 .0004233 1.6664 .3079 .0006483 Tues. 1.0012 .7902 .09101 2.6525 .03105 .9615 1.6946 1.6935 1.6910 1.6867 .7370 .7386 .7413 .7450 .002356 .1201 .0009985 .... .03677 .1677 .... .0002787 .2135 .1893 .1896 .1903 .1914 .6394 .6407 .6432 .6472 .004068 .1292 .006164 .02786 .0004233 1.6714 .3085 .0006510 W ed. .9988 1.2812 11.058 .3770 32.470 1.0409 .5924 .5928 .5937 .5952 1.3516 1.3488 1.3437 1.3370 425.25 8.3272 1001.50 .... 27.307 6.0118 .... 3615.00 4.7150 5.3220 5.3126 5.2935 5.2617 1.5744 1.5714 1.5652 1.5552 246.98 7.7390 162.89 35.875 2362.15 .6001 3.2474 1542.50 Tues. .9988 1.2655 10.988 .3770 32.205 1.0401 .5901 .5905 .5914 .5929 1.3568 1.3539 1.3489 1.3422 424.40 8.3276 1001.50 .... 27.194 5.9633 .... 3587.50 4.6841 5.2838 5.2741 5.2558 5.2243 1.5639 1.5607 1.5547 1.5450 245.80 7.7390 162.23 35.890 2362.63 .5983 3.2412 1536.00 U.S. $ equiv. per U.S. $ Currency Country Japan (Yen) 30-Day Forward 90-Day Forward 180-Day Forward Jordan (Dinar) Kuwait (Dinar) Lebanon (Pound) Malaysia (Ringgit) Malta (Lira) M exico (Peso) Floating rate Netherland (Guilder) N ew Zealand (Dollar) Norway (Krone) Pakistan (Rupee) Peru (new Sol) Philippines (Peso) Poland (Zloty) Po rtugal (Escudo) Russia (Ruble) (a) Saudi Arabia (Riyal) Singapore (Dollar) Slovak Rep. (Koruna) South Africa (Rand) South Korea (Won) Spain (Peseta) Sweden (Krona) Switzerland (Franc) 30-Day Forward 90-Day Forward 180-Day Forward Taiwan (Dollar) Thailand (Baht) Turkey (Lira) United Arab (Dirham) Uruguay (New Peso) Financial Venezuela (Bolivar) SDR ECU W ed. .008639 .008676 .008750 .008865 1.4075 3.3367 .0006445 .4018 2.7624 .... .1278 .5655 .7072 .1540 .02529 .3814 .03800 .3460 .006307 .0001787 .2666 .7116 .03259 .2141 .001184 .007546 .1431 .7334 .7357 .7401 .7470 .03638 .03902 .00000911 .2723 .... .1145 .002098 - - - 1.4315 1.2308 Tues. .008681 .008718 .008791 .008907 1.4075 3.3389 .0006445 .4002 2.7701 .... .1277 .5699 .7106 .1548 .02529 .3840 .03802 .3475 .006369 .0001788 .2667 .7124 .03259 .2142 .001184 .007603 .1435 .7387 .7411 .7454 .7523 .03637 .03906 .00000915 .2723 .... .1145 .002096 1.4326 1.2404 W ed. 115.75 115.26 114.28 112.80 .7105 .2997 1551.50 2.4885 .3620 .... 7.8220 1.7685 1.4140 6.4926 39.540 2.6218 26.318 2.8900 158.55 5595.00 3.7503 1.4053 30.688 4.6705 844.75 132.52 6.9865 1.3635 1.3593 1.3511 1.3386 27.489 25.625 109755.00 3.6720 .... 8.7300 476.70 .6986 .......... Tues. 115.20 114.71 113.76 112.28 .7105 .2995 1551.50 2.4990 .3610 .... 7.8330 1.7547 1.4073 6.4599 39.540 2.6039 26.300 2.8780 157.02 5594.00 3.7502 1.4037 30.688 4.6690 844.65 131.53 6.9697 1.3537 1.3494 1.3416 1.3293 27.493 25.605 109235.00 3.6720 .... 8.7300 477.12 .6980 ........... U.S. $ equiv. Currency W per U.S. $ ednesday, January 8, 1997 Spot Rate Quotations Note that the direct quote is the reciprocal of the indirect quote: .5924 1 1.688 =
The Bid-Ask Spread o The bid price is the price a dealer is willing to pay you for something The ask price is the amount the dealer wants you to pay for the thing The bid-ask spread is the difference between the bid and ask prices McGraw-Hilylrwoin 4-13 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 4-13 The Bid-Ask Spread ⚫ The bid price is the price a dealer is willing to pay you for something. ⚫ The ask price is the amount the dealer wants you to pay for the thing. ⚫ The bid-ask spread is the difference between the bid and ask prices
Spot fx trading . In the interbank market the standard size trade is about U.S. 10 million a bank trading room is a noisy, active place The stakes are high o The" long term" is about 10 minutes McGraw-Hilylrwoin 4-14 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 4-14 Spot FX trading ⚫ In the interbank market, the standard size trade is about U.S. $10 million. ⚫ A bank trading room is a noisy, active place. ⚫ The stakes are high. ⚫ The “long term” is about 10 minutes