The local currency or accounting currency of an investor or a securities issuer. In forex, it is the first currency quoted in a currency pair, with the second currency being the quoted currency. The price of the second currency is usually expressed in terms of one unit of the base currency. For example, in a quote of 2.65 dinar/ dollar, the price of the dollar is expressed in terms of one dinar. In this case, one dinar (a unit of the base currency) can be exchanged for 2.65 dollars (units of the quoted currency).