The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
If all goods were freely tradable, and foreign and domestic residents purchased identical baskets of goods, purchasing power parity (PPP) would hold for the exchange rate and GDP deflators (price levels) of the two countries, and the real exchange rate would always equal 1.
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This reduces rounding issues and the need to use excessive numbers of decimal places.
There are some exceptions to this rule: for example, the Japanese often quote their currency as the base to other currencies.