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Black market exchange rates during these periods, however, were nearly always higher than official rates. Several depreciations followed: The peso traded at ₱18 per dollar in 1984 from the dirty float at ₱11.25 in 1983 [56] and ₱21 in 1986. In the early 1990s, the peso depreciated again to ₱28.
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).