Selling exchange rate, that is, selling price. When direct quotation is adopted, of the two local currency quotations for foreign currency, the latter figure (that is, the exchange rate with more foreign currency converted into local currency) is the selling price.
When the indirect price method is used to quote, the first smaller foreign currency figure in the two foreign currency prices of the local currency is the foreign currency figure that the bank is willing to pay in one unit of local currency, that is, the foreign exchange selling price.
Extended data
The difference between the buying exchange rate and selling exchange rate of foreign exchange is called "bid-ask spread", which is generally 1-5%. The calculation method is: (selling price-buying price)/selling price × 100%. It constitutes the source of profits for banks to operate foreign exchange trading business.
The smaller the bid-ask spread, the more competitive the operation of foreign exchange banks, or the more developed the foreign exchange market. For example, USD and GBP trade frequently and in large volume, which can form economies of scale. Therefore, the bid-ask difference between the two currencies in new york and London foreign exchange markets is only 0.5‰.
Foreign exchange transactions are usually quoted in dollars. If we know the exchange rates of all currencies against the US dollar, then the exchange rates between any two non-US dollar currencies can be easily calculated. This is the so-called "cross exchange rate" or "arbitrage exchange rate". When calculating the cross exchange rate, it is very important to use the buying price and selling price correctly.
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