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Question
What is meant by Exchange Rate?
Answer in Brief
Solution
Meaning of Foreign Exchange (FOREX):
FOREX refers to foreign currencies. The mechanism through which payments are effected between two countries having different currency systems is called the FOREX system. It covers methods of payment, rules, and regulations of payment and the institutions facilitating such payments. “FOREX is the system or process of converting one national currency into another, and of transferring money from one country to another”.
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Exchange Rate
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