It is the ratio of the number of units of a given country's currency necessary to buy a market basket of goods in the other country, after acquiring the other country's currency in the foreign exchange market, to the number of units of the given country's currency that would be necessary to buy that market basket directly in the given country.
There are various ways to measure RER. Thus the real exchange rate is the exchange rate times the relative prices of a market basket of goods in the two countries.
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Instead, they typically close out their buy or sell commitments and calculate net gains or losses based on price changes in that currency relative to the dollar over time.
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There are some exceptions to this rule: for example, the Japanese often quote their currency as the base to other currencies.
The real exchange rate (RER) is the purchasing power of a currency relative to another at current exchange rates and prices.
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both are "other"), market convention is to use the fixed currency which gives an exchange rate greater than 1.000.