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Question
What is meant by foreign exchange?
Short Note
Solution
- Currency is the medium of exchange in a country.
- The Indian currency is called the Indian Rupee.
- In a country, the foreign currency is called foreign exchange.
- Purchasing capacity of all currencies in the world are compared using the US dollar as the standard currency.
- This value differs from country to country.
- Most of the international trade transactions are carried out in the US dollar.
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Relationship Between Money and Prices
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