Exchange rates determine the value of one currency in relation to another from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
Exchange rates are a crucial aspect of the global economy, influencing trade, investment, and financial flows between countries. Essentially, exchange rates indicate how much one currency is worth in terms of another currency. They determine the value of currencies relative to each other, reflecting the supply and demand dynamics in the foreign exchange market.
When we talk about exchange rates, we are referring to the price at which one currency can be exchanged for another. For example, if the exchange rate between the US dollar and the euro is 1.2, it means that 1 US dollar is equal to 1.2 euros. Exchange rates are expressed in pairs, with one currency being the base currency and the other being the quote currency. The value of the base currency is always set at 1 unit, and the exchange rate indicates how much of the quote currency is required to ...
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