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Good morning sir, the solution to the question. How was the 1.6244 got? thanks
It is the spot rate.
Although the mid-point has been given (1.6242) the bid/offer spread is meaning that it went from 1.6239 to 1.6244
(I would not worry too much about this – this question was set by the previous examiner and it is the only time that exchange rates have been given in this way in exam (even though it is the case in practice). I really don’t think that the current examiner would ever present it like this.)
You are welcome 🙂