The exchange rate appears in the form of currency pairs and is specific to the fourth decimal place. For example, if a foreign exchange quote is EUR/USD=1.3255, then the currency on the left is called the base currency, and the currency on the right is called the quote currency. The basic currency value is usually 1. In this example, the Euro is the base currency and the U.S. dollar is the quote currency. This is how we read foreign exchange quotes: at that point in time, 1 euro is equal to 1.3255 US dollars.
