Hi
I have 500 EUR and the current rate of EUR/USD is 1.13205
And I want USD.
Do I multiply or divide the two quantities ?
Thank you
500 * 1.13205 = 566.025
ty, but I thought it would be 500 / 1.13205
The quotation EUR/USD = 1.2500 means that one euro is exchanged for 1.2500 U.S. dollars. In this case, EUR is the base currency and USD is the quote currency (counter currency). This means that 1 euro can be exchanged for 1.25 U.S. dollars. Another way of looking at this is that it will cost you $125 to buy 100 euros.
(Investopedia)
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You can also use common sense, you know the EUR is more valuable so to get less when you convert it to USD doesn’t seem right.
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Thank you Sir !
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Instead of wasting so much time, try a forex calculator that includes a currency converter too. It’s better to use software before ending up doing the math wrong and making wrong trading decisions based on the incorrect figures.