Currency prices is always quoted in respect to another currency. Example, if you go to a money changer, and wanted to change some Singapore currency (SGD) to US currency (USD), you will be looking for USDSGD rate. Exchange rate at point of writing is 1.38.
In the forex quote, there is always a left side and right side. The left side (base currency) is always equal to 1, while the right size (second currency) is always equal to exchange rate.
In this case, 1.38 means USDSGD = 1.38. Every USD$1 requires SGD$1.38.
TIP: as trader, we are always worse off. So we always buy at higher price and sell at lower price
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