Exchange Rates and Currencies

Exchange Rates

• Exchange rates are provided for various countries and currencies, including the US dollar, euro, and others.

Country/Currency Exchange Rates

• Czech Rep. koruna: 21.666 per US dollar
• Denmark krone: 6.6708 per US dollar
• Euro area euro: 1.1235 per US dollar, with 1-month, 3-month, and 6-month forward rates
• Hungary forint: 316.19 per US dollar
• Norway krone: 8.8963 per US dollar

Poland and Russia Exchange Rates

• Poland zloty: 4.0791 per US dollar
• Russia ruble: 77.312 per US dollar

Sweden and Switzerland Exchange Rates

• Sweden krona: 9.3230 per US dollar
• Switzerland franc: 1.0785 per US dollar, with 1-month, 3-month, and 6-month forward rates

Turkey and UK Exchange Rates

• Turkey lira: 13.304 per US dollar
• UK pound: 1.3447 per US dollar, with 1-month, 3-month, and 6-month forward rates

Middle East/Africa Exchange Rates

• Bahrain dinar: 2.6527 per US dollar
• Egypt pound: 15.722 per US dollar
• Israel shekel: 3.559 per US dollar
• Jordan dinar: 1.4105 per US dollar
• Kuwait dinar: 3.3002 per US dollar
• Nigeria naira: 0.00241 per US dollar
• Saudi Arabia riyal: 3.7583 per US dollar
• South Africa rand: 0.0650 per US dollar
• UAE dirham: 3.7519 per US dollar

Cross-Exchange Rates

• Cross-exchange rate is an exchange rate between two currencies where neither is the US dollar.
• Can be calculated from US dollar exchange rates for the two currencies, using either European or American term quotations.
• S(j/k) = S($/k) × S(j/$) and S(k/j) = S(k/$) × S($/j)

Calculating Cross-Exchange Rate

• Bid-ask spread can be calculated from the exchange rates.
• Example: €/£ bid-ask prices are €1.19647 to €1.19746 and the £/€ bid-ask prices are £0.8351 to £0.8358.
• Cross-exchange rate bid-ask spreads are larger than American or European bid-ask spreads.