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Local currency/forward currency is a poor attempt at explaining basic currency quotes. I ignore it completely. $1.5/euro means just that....it doesn't matter where in the globe you are located or what your local currenc is , or what your favorite ice cream is.

In this equation F = S*[(1+Rdom)/(1+Rfgn)], just replace Rdom by top currency, and Rfgn by bottom currency, in the given quote to match what you are multiplying.

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