What accurately explains what an exchange rate of 1.9 between the european euro and mexican pesos means?

An exchange rate of 1.9 between the European euro and Mexican pesos means that one euro is worth 1.9 Mexican pesos.

In simpler terms, if you have one euro, you can exchange it for 1.9 Mexican pesos.

Conversely, if you have 1.9 Mexican pesos, you can exchange it for one euro.