TIP Sheet
QUOTATION MARKS
- Act 1 Scene 1 Brabantio. Ironically, Brabantio is speaking the truth at this point in the play, yet the quote underpins the entire text. It is Iago’s villainy which fuels the entire plot and the audience, albeit ironically, are alerted early in the play. “Though I do hate him as I do hell-pains” Act 1 Scene 1.
- For other uses, see Quotation (disambiguation). A quotation is the repetition of a sentence, phrase, or passage from speech or text that someone has said or written. In oral speech, it is the representation.
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Quotation marks are used primarily to enclose or set off exact words. They are used to indicate a person's exact written or spoken words, and in certain situations they are also used to set off words, phrases, or specific types of titles. When using quotation marks, certain rules apply regarding punctuation and capitalization.
1. Use quotation marks to enclose direct quotations.
- The direct quotation of a person's exact words, whether spoken or written, must be in quotation marks.
'Don't forget to visit me in London,' Martha said.
- Do not use quotation marks around indirect quotations. An indirect quotation does not state the speaker's exact words.
Martha said that I should visit her when I am in London.
2. Use quotation marks to indicate words used ironically, with reservations, or in some unusual way.
Declaring it was a symbol of 'progress,' they cut down all the trees.
3. Use quotation marks to set off words used as words.
- Words used as words are usually set off by the use of italics or underlined to indicate italics. However, enclosing them in quotation marks is also acceptable.
The words 'accept' and 'except' are frequently confused.
4. Use quotation marks around the titles of newspaper and magazine articles, poems, essays, short stories, songs, episodes of television and radio programs, and chapters or subdivisions of books.
After I read 'The Internet's Role in Education' in one of my educational journals, I had a much better understanding of the issues.
The class analyzed Robert Frost's poem 'The Road Not Taken' and eventually agreed that there could be several interpretations.
5. When using quotation marks, certain rules apply regarding capitalization and punctuation.
- Use a capital letter with the first word of a complete sentence of a direct quotation.
The teacher remarked, 'The semester is already half over.'
- Do not use a capital letter with the first word of a direct quotation that is only part of a sentence.
Tyler asked if I would be 'heading out of town on a Harley.'
- If the quotation of a complete sentence is interrupted in the middle and then continues after the interruption, do not capitalize the second part of the quotation. Use commas to set off the explanatory words.
'When it comes to cake,' Jessica said, 'chocolate cake takes the cake.'
- If the quotation continues with a new sentence after an explanatory interruption, use a period at the end of the interruption and continue the quotation with a capital letter where the new sentence begins.
'When it comes to cake, chocolate cake takes the cake,' Jessica said. 'In fact, I'd love to have some right now.'
- If a quotation begins the sentence, set it off with a comma from the unquoted part of the sentence unless it ends with a question mark or exclamation point. Because the explanatory words simply continue the sentence, do not begin them with a capital letter.
'I don't know what happened,' he said quickly.
'What happened?' she asked.
'We saw just what happened!' they shouted.
- Always place periods and commas inside the quotation marks.
He said, 'I enjoy working on automobile engines.'
Although Lawrence had asked for 'the best seat in the house,' he didn't seem to notice they were seated right next to the kitchen.
- Place colons and semicolons outside quotation marks.
Dave had replied, 'I regret I am unable to attend the wedding'; he was there, however, for the entire ceremony.
- Place question marks and exclamation points inside quotation marks unless they apply to the sentence as a whole.
The clerk politely asked, 'Would you like paper or plastic?'
What do you mean by 'over the hill'?
- After a word group introducing a quotation, use a comma, a colon, or no punctuation at all, depending on the context.
Use a comma if the quotation is introduced or followed by an expression such as he said or she remarked.
She replied, 'Take it quickly before I change my mind.'
Use a colon if a quotation is introduced by a full independent clause.
He feels the advice of Alexander Pope is especially relevant: 'To err is human, to forgive divine.'
When a quotation is blended into the writer's introductory sentence, no punctuation is needed to separate the introduction from the quoted phrase.
Marisa comes here every day at noon and asks for 'a dog and a beer.'
- Use single quotation marks to enclose a quotation within a quotation.
The professor explained, 'Although Thoreau wrote that most men ‘lead lives of quiet desperation,' much of his writing expressed the joy in life.'
6. Use indentation rather than quotation marks to set off long quotations of prose or poetry.
- To quote more than four typed lines of prose, use indentation rather than quotation marks. Set off the quoted prose by indenting ten spaces from the left margin of your text and double space the lines. Long quotations of prose are usually introduced by a sentence ending with a colon.
Thoreau exhibits this strength of will in 'Civil Disobedience':
I was not born to be forced. I will breathe after my own fashion.
Let us see who is the strongest. What force has a multitude?
They only can force me who obey a higher law than I. They
force me to become like themselves. I do not hear of men being
forced to live this way or that by masses of men. What sort of life
were that to live? When I meet a government which says to me,
'Your money or your life,' why should I be in haste to give it my money?
- When quoting more than three lines of a poem, set the quoted lines off from the text by indenting ten spaces from the left margin.
William Blake's 'The Tyger' begins with the lines:
Tyger! Tyger! burning bright
In the forests of the night,
What immortal hand or eye
Could frame thy fearful symmetry?
This article throws light upon the direct and indirect methods of quoting exchange rate.
1. Direct Method:
Under this method, the foreign exchange rate of a foreign currency is expressed as number of units of home currency (Local, domestic currency).
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Under direct method, the number of units of foreign currency is kept constant (normally a unit, with exceptions, viz. Japanese Yen, in which Yen is taken as 100, if Yen is foreign currency) and any change in the exchange rate will be made by changing the value of local currency or home currency or domestic currency.
For example, US dollar 1.00 = Indian Rupees 46.86 (as on August 27th, 2010) would be a direct exchange rate for the US dollar in India, and US $ 1.00 = Japanese Yen 93.25 (as on March 31st, 2010) is a direct quote for Japan. The quotation of the exchange rate as found by Direct Method is known as “Direct Quotation” or “Direct Rate”.
Direct Quotation – Buy Low, Sell High:
A trader, organization, business unit, banks, etc. are the various parties who contribute to the trade and commerce, through their manufacturing, trading in goods and/or providing of services. They do this kind of activities to earn profit. Though their prime motive might be different, but they need to make profit to sustain themselves.
In the same way, the banker buys the foreign currency at lower rate and sell at higher rate, which may result into margin, which help to cover his expenditures relating to the transaction, cost of storing the foreign currency, etc. and also a margin of profit. For having a practical idea, you may go to any of the Bank in your neighbourhood and inquire the rate of buying a foreign currency from them and of selling it.
You may see that there is some difference between them. In Layman’s words, the difference between the two rates is the profit of the banker; but in fact it is his margin, and he will earn profit after deducting all kinds of expenses relating to the transaction, or as per the method adopted by the bank.
For understanding this we can take an example, where a bank buys US $ from its customer for Rs. 44.94 (rate as on March 30th, 2010) and sell it to other customer at Rs. 45.14 (rate as on March 31st, 2010).
Thus under Direct method of Exchange rate the principle adopted by the bank is to buy at a lower price from customers and sell them at a higher price. This principle can be stated in the form of a maxim: ‘Buy Low, Sell High’.
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See figure 4.2 below:
2. Indirect Method:
Under this method, the foreign exchange rate is quoted as number of units of foreign currency for a unit of local currency. Under the indirect method, the numbers of units of foreign currency are stated in exchange of a unit of local currency. Thus, in indirect method, the numbers of units of local currency are kept constant and the number of units of foreign currency changes.
Under indirect method, any change in the exchange rate is stated as a change in the number of units of foreign currency. For example, US dollar 2.2153 = Indian Rupees 100 (as on March 31st, 2010) would be the corresponding indirect quotation in India for the US dollar.
The method in which the foreign exchange rate is derived by keeping local or hone or domestic currency constant and the rate is expressed in number of units of foreign currency is known as Indirect Method.
It is also known as ‘Foreign Currency Quotation’ or ‘Indirect Quotation’ or simply ‘Currency Quotation’. Thus, under indirect method the change in exchange rate is shown by changing the number of units of foreign currency and keeping the home currency as constant.
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Indirect Quotation—Buy High; Sell Low:
Buy more quantity and sell less quantity of commodities or goods or services at same amount of currency. Hypothesize the statement with respect to the quantity that a trader purchases and sells instead of the variation in prices.
For a fixed amount of investment, trader would acquire more units of the commodity when he purchases and for the same amount he would part with lesser units of the commodity when he sells. Taking the orange vendor as an example, if for Rs.100 he gets 50 oranges from his supplier and for the same amount of Rs.100 he sells 40 oranges, he would make profit.
Applying the same principle as discussed above in foreign exchange management we can state that the banker may also earn buying more quantity and selling less quantity of foreign currency at same rate. In indirect method, it is the number of units of foreign currency which vary and home currency remains the same.
For example, for Rs.100, the bank may quote a selling rate of US dollar 2.3000 and buying rate of US dollar 2.3100. The difference between US dollar 2.3100 and US dollar 2.3000 is the bank’s margin of profit. The position is summed up in the maxim – Buy High, Sell Low.
See figure 4.3 below:
In India, Direct Quotation was prevalent till 1966. After devaluation of rupee in 1966, following the practice in London exchange market, indirect quotation was adopted. Effective from 2nd August 1993, India has switched over to direct method of quotation. The change has been introduced in order to simplify and establish transparency in exchange rates in India.
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Trading banks offer a two-way quotation. If, in London, where the exchange rates are quoted indirectly, the US dollar is quoted at $ 1.6290-98, it means that while the quoting bank is willing to sell $ 1.6290 per pound, it will buy dollars at $ 1.6298. It will be readily appreciated that the selling rate for one currency is the buying rate for the other. The indirect rate system also yields the somewhat odd maxim namely “buy high and sell low”.
The “buy high and sell low” maxim refers only to the nominal rates no trader will make a profit if he buys at a higher cost than the yield on selling. In the direct quotation, bank buys at a lower price, and sells at a higher price.
In indirect quotation, for a fixed unit of home currency buy high (acquired more units of foreign currency), and sell low (part with lesser units of foreign currency). Exchange rate has to be quoted in four decimal points. In direct quotation, for a fixed unit of foreign currency buy low (pay lesser units of home currency) and sell high (receive more units of home currency).
Illustration 1:
A Mumbai banker has given the following quotes. Identify whether they are direct or indirect. For each direct quote give the corresponding indirect quote and vice versa.
Solution:
Sw. Kroner means Swiss Kroner
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Sing Dollar means Singapore Dollar
Since it’s a Mumbai banker the home currency is Rupees.
a. Rs./Kr. is home currency per unit of foreign currency. Hence a direct quote.
The corresponding indirect quote is 1/DQ = 1/5.75 = 0.1 739 Kr per Re
b. € per Re is foreign currency per unit of home currency. Hence an indirect quote.
The corresponding direct quote is 1/IDQ = 1/0.0191 = Rs.52.35 per €
c. SGD per Re is foreign currency per unit of home currency. Hence an indirect quote.
The corresponding direct quote is = 1/0.0388 = Rs.25.77 per SGD
d. Rs./Dhm. is home currency per unit of foreign currency. Hence a direct quote.
The corresponding indirect quote is = 1/12.15 = 0.0823 Dhm per Re
Illustration 2:
Column 1 gives the nature of the quote for the currency named in column 3 in the city named in column 4. Find the quote named in column 5 for the city named in column 6.
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Solution:
A.
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i. The quote is a direct quote for Sterling in New York (USA). Hence the home country is USA. Hence the quote is $ per pound.
ii. The corresponding indirect quote in USA will be = 0.5901 pounds per dollar.
iii. In UK this 0.5901 pounds per dollar is a direct quote.
B.
i. This is a direct quote for € in Chennai. Hence the home currency is Rupees. Hence the quote is Rs.52.35 per €.
ii. A quote such as Rs.52.35 per € is foreign currency per unit of home currency is Rupees. Hence it is the indirect quote in Rome.
C.
i. This is an indirect quote for pound in London. Hence it is foreign currency per unit of home currency, i.e. HKD per pound. The rate is 13.1 3 HKD per pound.
ii. The direct quote in London is = 1/13.13 = 0.0761 pound per HKD.
iii. In Hong Kong, 0.0761 pounds per HKD is an indirect quote.
D.
i. The quote is indirect quote for NZD in Auckland (New Zealand). Hence it is foreign currency per unit of home currency i.e. Norwegian Kr per NZD. Hence the quote is N Kr 4.7269 per NZD.
ii. A quote such as N Kr 4.7269 per NZD is home currency per unit of foreign currency in Norway. Hence it is direct quote in Norway.
Illustration 3:
Identify whether the following quote is in American terms or in European terms. For each American quote give the corresponding European quote and vice versa.
a. 1.75 dollar per pound.
b. 1.95 SGD per dollar
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Solution:
a. In the USA, this home currency per unit of foreign currency. Hence it is in the direct mode. Hence it is in American terms.
The corresponding European term is 1/ American Term, i.e., 1/$1.75 = 0.571 pounds per dollar.
b. For the American, the quote is foreign currency per unit of home currency. Hence it is in the indirect mode for the American. Hence it is in European term.
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The corresponding American term is 1/ European Term, i.e., 1/1.95 = 0.512 $ per SGD.
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Rule:
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A quote which is a direct quote for the American is said to be American form, and a quote which is an indirect quote for the American is said to be in European term.