Definition of 'Cross Rate'
For example, if you are in the United States and you see an exchange rate between the Japanese Yen (JPY) and the Canadian Dollar (CAD) being referenced in a local paper then this would be considered a cross rate because the United States Dollar (USD) is the local currency.
A cross rate can also refer to currency quotes which do not involve the United States Dollar (USD), irrespective of which country the quote is provided in.
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