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A question that appeared in ACCA OF JUNE 2008-ASTEROID SYSTEMS appearing in the BPP Revision Kit upto June 2018 Q.NO.54 or Q.NO.55 OF THE SAME REVISION UPTO JUNE 2019.When I look at answers provided by the examiner,am unable to understand how the spot rate of 1.6244 was derived from the data provided in the question.
Kindly assist me to understand this part.
Thanks for your kind response.
WILFREDIt is the spot rate.
The question says that the closing mid-point is 1.6242, and that the bid/offer spread is 239-244.
What this means is that the exchange rate quoted in the ‘normal’ way is 1.6239 – 1.6244
I would not worry too much about this. This question was set by the previous examiner who used to do some very strange things. The current examiner quotes exchange rates on the normal way and not as is in this question 🙂
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