In finance, the exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. For example an exchange rate of 120 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 120 is worth the same as USD 1. The foreign exchange market is one of the largest markets in the world. By some estimates, about 2 trillion USD worth of currency changes hands every day.

The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.

Quotations

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An exchange rate quotation is given by stating the number of units of a price currency that can be bought in terms of 1 unit currency. For example, in a quotation that says the EUR-USD exchange rate is 1.2 USD per EUR, the price currency is USD and the unit currency is EUR.

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@mike3legs It cost more to do business in other currencies due to currency conversion rates and fluctuations.
zenfolio (Zenfolio) Tue, 03 Nov 2009 17:38:02 -0000
@mike3legs It cost more to do business in other currencies due to currency conversion rates and fluctuations.
@philippawarr It's currency conversion AND contracts. Double the pain. :(
alan_p_martin (Alan Martin) Tue, 03 Nov 2009 16:44:17 -0000
@philippawarr It's currency conversion AND contracts. Double the pain. :(
is in a world of currency conversion hurt.
alan_p_martin (Alan Martin) Tue, 03 Nov 2009 16:40:26 -0000
is in a world of currency conversion hurt.
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