Mid-Market Rate

The Mid-Market Rate (MMR) is the exchange rate midpoint between the highest price a buyer is willing to pay for a currency (the bid rate) and the lowest price a seller is willing to accept (the ask rate), representing the true, interbank value of a currency pair at any given moment. This rate is the most accurate reflection of a currency's value, as it excludes the markups and transaction costs applied by commercial banks and retail foreign exchange providers.