In interbank market, currency prices are always quoted with two way price. In a two way quote, the prices quoted for buying is called bid price and the price quoted for selling is called as offer or ask price.
USDINR spot price 70.05/ 70.06 - In this quote, 70.05 is the bid price and 70.06 is the offer price or ask price. This quotes means that the bank is willing to buy one unit of USD for a price of INR 70.05 and is willing to sell one unit of USD for INR 70.06.
The difference between bid and offer price is called as 'spread'. A narrow spread indicates a higher liquidity and higher efficiency of the market maker
Whenever the base currency buys more of the quotation currency, the base currency has strengthened / appreciated and the quotation currency has weakened / depreciated. For example, if USDINR has moved from 68.00 to 68.25, the USD has appreciated and the INR has depreciated.
In India, OTC market is open from 9:00 AM to 5:00 PM. However, for merchants the market is open from 9:00 AM to 4:30 PM and the last half hour is meant only for interbank dealings for banks to square off excess positions
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