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The exchange rates between two currencies specifies how much one currency is
worth in terms of the other.
The Indian exchange market is one of the largest markets in the world.
By some estimates, about 3.2 trillion USD worth of currency changes hands every day.
An exchange rate quotation is given by stating the number of units of "term currency"
that can be bought in terms of 1 unit currency. There is a market convention that determines
which is the base currency and which is the term currency. In most parts of the world, the order
is: EUR – GBP – AUD – NZD – USD – others. |
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