A direct quote is an exchange rate expressed in terms of the number of units of domestic currency corresponding to one unit of the foreign currency. In other words, it involves quoting in fixed units of foreign currency against variable amounts of the domestic currency.
An indirect quote is the expression of an exchange
rate in terms of the number of units of a foreign currency corresponding to a single unit of the domestic currency.
In an indirect quote, the foreign currency
is a
variable amount and the domestic currency is fixed at one unit.