Cross rate
A rate between two currencies computed from each one's rate against a common third currency.
Updated 2026-07-26
When a publisher quotes every currency against one base, any other pair has to be derived by dividing two of those quotes. The result is arithmetic on two published numbers rather than a third published number.
Both quotes must come from the same publication date. Dividing a rate from Monday by a rate from Tuesday produces a figure that corresponds to no moment in time and no publication.
A derived cross rate inherits every limitation of the quotes it came from, including the fact that a reference rate is not tradable. The conversion tool here states which two published rates a result was built from.
Related terms
4 entries- ISO 4217
- The standard that assigns each currency a three-letter code, such as USD, EUR or JPY.
- Market exchange rate
- The rate at which currency is actually bought or sold at a given moment, which differs by counterparty and size.
- Observation date
- The date a value belongs to, as distinct from the date it was published or retrieved.
- Reference exchange rate
- A daily benchmark rate published by a central bank for information, accounting and statistics.
Where this appears in the data
Written for reading the records published here. This is not a legal, tax or accounting definition, and where a jurisdiction defines the term precisely, that definition governs.