§ Spot exchange rate is the quoted price for the foreign
exchange to be delivered at once, or in two days for
interbank transactions
• Example: ¥114/$ is quote for 114 yen to buy one US
dollar for immediate delivery

§ Devaluation of a currency refers to a drop in foreign
exchange value of a currency that is pegged to gold or
to another currency. The par value is reduced, the
opposite of devaluation is revaluation.