Currency Pair
A quotation of one currency's value in terms of another, such as USD/INR, where the first currency is bought or sold against the second.
Formula
Quote convention: BASE/QUOTE, where the price states how many units of the quote currency buy one unit of the base
Unit
₹
In depth
In USD/INR, the dollar is the base and the rupee the quote, so a price of 83.50 means one dollar costs ₹83.50 — a rise in the number means the rupee has weakened, which reads backwards to newcomers. Currency futures on Indian exchanges are settled in rupees rather than by physical delivery, and participation is subject to underlying-exposure rules. Because every currency price is a ratio, there is no such thing as a currency going up on its own; it moves only against something else. Confusing a rising USD/INR quote with a strengthening rupee is the single most common mistake in this market.
Worked example
USD/INR moves from 83.00 to 84.00. The dollar has strengthened by 1 / 83 = 1.2% against the rupee, and an importer's cost for a USD 1,00,000 invoice rises from ₹83,00,000 to ₹84,00,000 — a ₹1,00,000 increase.
Illustrative figures, chosen so the arithmetic is easy to follow. Not a live price and not a valuation of any company.
Educational reference only
This entry explains what “Currency Pair” means. It is not investment advice and not a recommendation to buy or sell any security. Any numbers above are illustrative, not live prices, and nothing here predicts price direction or rates a stock. Consider your own circumstances and consult a SEBI-registered investment adviser before acting.