A direct quote is a foreign exchange rate quoted in fixed units of foreign currency in variable amounts of the domestic currency. In other words, a direct currency quote asks what amount of domestic currency is needed to buy one unit of the foreign currency—most commonly the U.S. dollar (USD) in forex markets.

In a direct quote, the foreign currency is the base currency, whereas the domestic currency represents the counter currency. Conversely, in an indirect quote, the domestic currency is the base currency, whereas the foreign currency represents the counter currency.

What is Base Currency? The base currency – also called the transaction currency – is the first currency appearing in a currency pair quotation, followed by the second part of the quotation, called the quote currency or the counter currency.

No commas are used between the source of the idea and the idea in the indirect quotation. A slight change in words may be needed to change a direct quotation into an indirect quotation. Often the words if and that are used when changing direct quotations to indirect quotations.

The difference between paraphrasing and quoting is that when quoting you use the author’s exact words, and when paraphrasing you use the author’s ideas but put them in your own words.

A direct quotation is when you quote an academic source or reference word for word in your essay, using quotation marks and a reference (an in-text reference or footnote) to indicate that the words belong to another author and where you found them.

In-text citations include the last name of the author followed by a page number enclosed in parentheses. “Here’s a direct quote” (Smith 8). If the author’s name is not given, then use the first word or words of the title. Follow the same formatting that was used in the works cited list, such as quotation marks.

If you use a direct quotation from an author, you should:

1. enclose it in quotation marks.
2. give the author, date and page number(s) that the quotation was taken from, in brackets.

The name, date and page reference of the work in which information originated should appear first, followed by ‘cited’ and then the name etc. of the work in which the information was found. Only the work you have read should appear in the reference list at the end of the work.

Quoting Directly When you quote directly from a source, enclose the quoted section in quotation marks. Add an in-text citation at the end of the quote with the author name and page number, like this: “Here’s a direct quote” (Smith 8). “Here’s a direct quote” (“Trouble” 22).