Question

What is meant by foreign exchange?

Answer 1

1. Currency is the medium of exchange in a country.
2. The Indian currency is called the Indian Rupee.
3. In a country, the foreign currency is called foreign exchange.
4. Purchasing capacity of all currencies in the world are compared using the US dollar as the standard currency.
5. This value differs from country to country.
6. Most of the international trade transactions are carried out in the US dollar.