rate of exchange

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The price of one currency in terms of another. It is usually expressed in terms of how many units of the home country's currency are needed to buy one unit of the foreign currency. However, in some cases, notably in the UK, it is expressed as the number of units of foreign currency that one unit of the home currency will buy. Two rates are usually given, the buying and selling rate; the difference is the profit or commission charged by the organization carrying out the exchange.

Subjects: Financial Institutions and Services.

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