Foreign exchange rates. The quotation "actual rate" means the rate at which exchange is sold
in large amount by a dealer; the quotation "posted rate" means the preliminary asking rate of the
day before an actual rate is made and this is the rate usually exacted for a small amount of
exchange by a dealer. The actual and posted rates are the rates at which dealers sell bills of
exchange issued by themselves. They do not as a rule announce the rates at which they will buy
commercial bills of exchange; that is a matter of negotiation and depends on the nature of the
bills. The newspapers, however, publish approximate prices for commercial bills.  Foreign
exchange is payable in the money of the country upon which the exchange is drawn—that is,
where the exchange is payable.