Term of the Day - rate of exchange
For Friday, January 2, 2009
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Term of the Day - rate of exchange
Rate at which one currency may be converted into another. Generally, one unit of the home currency is expressed in terms of another currency. For example, an American bank may quote the exchange rate between the dollar and the Yen as the number of dollars needed to buy one yen. also called exchange rate or foreign exchange rate or currency exchange rate.
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