Based on the provided information, answer the following question: (d) How would the Exchange Rate between INR and the Currency of the trading partner country be market-determined in the absence of Direct Quote for the pa

The exchange rate for most currencies is determined in the Forex markets, typically against global currencies like the USD, EUR, JPY etc. In the transition phase, when there is no market with direct exchange rates between two currencies (say INR and Sri Lankan Rupee), the exchange rate between the currencies of two trading partner countries, each of which has markets against global currencies, would be derived as a cross currency rate.