Exchange (FX) rates are the values at which one currency can be exchanged for another. Thus, the exact rates available at any given time are a critical component of international trade and finance.
The latest rates indicate how much of one currency is needed to purchase a unit of another currency.
For example, if the exchange rate between the Great British Pound (GBP) and the Swiss Franc (CHF) were to be GBP/CHF = 1.12, this means that GBP 1 is equal to CHF 1.12.
On the other hand, if you see the exchange rate between GBP and CHF being stated as CHF/GBP = 0.89, this would mean that CHF 1 is equal to GBP 0.89.
Exchange rates can fluctuate due to market conditions and can be expressed in various ways, including direct quotes (where the foreign currency is the base currency) and indirect quotes (where the domestic currency is the base currency).