FX Rates

In finance, foreign exchange rates are also known as FX rates. FX rates specify the difference between two currencies how much one currency is worth in terms of the other. Foreign exchange rates
In finance, foreign exchange rates are also known as FX rates. FX rates specify the difference between two currencies how much one currency is worth in terms of the other. Anyone can be familiar with the idea of exchange rates, if he has been abroad for the business transactions. If you are traveling from a country where the pound sterling is a legal tender, say, while the US dollar is a forex legal tender, you will have to exchange pounds for dollars, and you need to know that from each pound, how many dollars you will get. FX rates are simply the currency price unit used in one country or area expressed in the money of another country. Holidaymakers traveling from British to the US hope that, against the US dollar sterling strengthens. For example, the dollar in 1999 strengthened against sterling. The exchange rate on 1st January 1999 $1.6638 = £1. In addition, exchange rate on 31st December 1999 the rate was $1.6117 = £1. Therefore, $1,000 could be exchanged for £601 at the beginning of the year but the same amount of dollars could be exchanged for £620 at the year-end.