Currency Key
| USD |
: |
U.S. Dollar |
|
EUR |
: |
Euro |
|
GBP |
: |
British Pound |
| JPY |
: |
Japanese Yen |
|
CAD |
: |
Canadian Dollar |
|
AUD |
: |
Australian Dollar |
| TRY |
: |
Turkish Lira |
|
What is the Exchange rate?
In finance, the exchange rates (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 102 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 102 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. (more)
|
