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Good day,I need help with understanding how the spot rate was arrived at in the above question.thanks in advance!
The closing mid-point given in the question is 1.6242.
When it says that the bid/offer spread is 239-244, what it means is that the actual spot rate is 1.6239 – 1.62444However I would not worry too much about this question – it was set by the previous examiner and the current examiner does not give exchange rates in this sort of way.
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