It represents the tenths place.
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7.4 When we refer to something as a tenth we mean to the 1st decimal place.
To round 6.437 to two decimal places, you look at the third decimal place, which is a 7 in this case. Since 7 is 5 or greater, you round up the second decimal place by adding 1 to it. Therefore, 6.437 rounded to two decimal places is 6.44.
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9.1
Rounding to the nearest thousandth mean to round the number to the third place to the right of the decimal point. For example: 587.397431 is 587.397 rounded to the nearest thousandth.