Foreign exchange rates are determined by the price at which a currency can be bought or sold for immediate delivery and payment. This rate of exchange is crucial for businesses and individuals engaging in international transactions. It reflects the relative strength of a country's economy and can fluctuate based on various economic factors. Understanding these rates is essential for effectively managing financial transactions in the global marketplace. As such, it is important to stay informed and monitor exchange rates to make informed decisions and mitigate potential risks.
