Foreign exchange rates are quoted in terms of U.S. dollars. Therefore, when converting one non US currency into another, it is necessary to convert to US dollars first.

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Gabrielle Jackson · Accepted Answer

Final Answer : False, Explanation :  Foreign exchange rates can be directly quoted between any two currencies, not necessarily involving the U.S. dollar, through a process known as cross currency calculation.

Foreign exchange rates are quoted in terms of U.S. dollars. Therefore, when converting one non US currency into another, it is necessary to convert to US dollars first.

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