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A currency quotation in the foreign exchange markets that expresses the amount of foreign currency required to buy or sell one unit of the domestic currency. An indirect quote is also known as a “quantity quotation,” since it expresses the quantity of foreign currency required to buy units of the domestic currency. In other words, the domestic currency is the base currency in an indirect quote, while the foreign currency is the counter currency. An indirect quote is the opposite or reciprocal of a direct quote, also known as a “price quotation,” since it expresses the price of one unit of a foreign currency in terms of the domestic currency.
