What is a currency pair and how does it work?
Updated: 04 Sep 2022, 10:00 AM IST
TL;DR.To understand forex trading, it is important to know currency pairs since the buying and selling of global currencies takes place in pairs. In a pair, one currency is bought, known as base currency, in exchange of the other i.e. quote currency.
The currency pairs are traded in the forex market. The first of the two is known as base currency, and the second is called quote currency.