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What is a Pip?

Last Updated: Jun 21, 2018 08:00AM UTC
In the financial markets, pip (percentage in point) commonly refers to the smallest unit of change in a currency pair's exchange rate. Most major currency pairs are priced with four or five decimal digits, and a pip is the fourth decimal one, while the fifth digit equals tenth of a pip. For Dollar currencies, pips equal 1/100th of a cent.

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