Currencies are constantly quoted in pairs, for example, GBP/USD or USD/JPY. The reason they are cited in sets is that, in each foreign exchange transaction, you are all the while getting one currency and offering another. When purchasing, the exchange rate reveals to you the amount you need to pay in units of the quote currency to get one unit of the base currency. When offering, the exchange rate discloses to you what number of units of the quote currency you get for offering one unit of the base currency.
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