NISM Series XIII Common Derivatives Certification Exam Notes
Page 106 Of 303
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Direct and Indirect Quotes: Direct quote: foreign currency as base; indirect quote: domestic currency as base.
Two-Way Quotes: Bid price (buy) and ask/offer price (sell); spread indicates liquidity. E.g., USDINR quoted as 75.0550/75.0600.
Appreciation and Depreciation: Base currency appreciates when it buys more of the quotation currency.
Market Timing in India: Forex market active 9 am–5 pm IST; spot date roll over at midnight.
Net Overnight Open Position Limit (NOOPL): Limits set by RBI to manage exchange rate risk; generally ≤25% of total capital.
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