Pip

(1) As regards exchange rates, while this unit generally corresponds to what we would normally call a basis point, it is simply called a point. (2) On the foreign exchange market, this unit generally equals one one-hundredth of one percent (0.01% or 0.0001) of the par value of the monetary unit involved for currencies with similar values; for example, the U.S. dollar/Canadian dollar exchange rate is in the 1.1153-1.1155 range.