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What is foreign currency Exchange?

 

Foreign money exchange is a simple procedure of changing/converting one currency of a country to another. Money exchange happens based on supply and demand of the currency literally called as the currency exchange rates. Currency exchange can be done is two ways either selling or buying, a person who can buy/convert foreign currency from a money exchange outlet on live rates and also he can sell foreign currency to a buyer/dealer at live rates. Several factors should also consider in currency exchange, such as Value of the currency. Not all the currencies have the same value, it differs from one country to another. Value of a currency depends on supply, demand and government policies. If we take US dollar as an example it has more/less value than some other currencies.

 

What factors determines a Currency’s value?

Value of a currency can be determined by several factors according to a country’s financial policy. Main factors that directly capable for fluctuating a country’s currency value are tourism, foreign investment, share market and international stock exchange. Tourism is an easiest gateway for earning foreign currency, when a tourist visits a country, he/she needs to exchange his home currency to the current one, so here they sell their home currency for buying foreign currency of the host country. From this point the visitor can use this converted currency for buying goods and make use of other services offered by the host country. Tourism is not a single way to fluctuate a currency value there are other ways, when a foreign billionaire is interested to invest in other country’s market for a particular business, so he can pay/run the business with his foreign money but he should have to pay his employees in local currency. This kind of deals stimulates the demand of foreign currency in market.

What is Exchange Rate?

Exchange rate is based on the values of each currency, when we comparing to currencies it is easy to spot on the difference in their values, so that difference would define exchange rates. This difference varies in time to time based on market conditions. If US dollar rate for Indian rupee is 66.01, that means 66.01 rupee is equal to 1 US dollar or you can buy 1 US dollar by spending 66.01 Indian rupee.

Need of Foreign Currency

Foreign money plays a vital role in a nation’s economic structure. That’s why countries are promoting foreign investment and tourism in a large scale, those are the 2 easiest way to acquire foreign money. Now a days, banks and other financial institutions come up with their multicurrency travel card. It is a card where you can load more than 16 countries currency. Travel card enables you to withdraw money from an ATM counter, so you don’t have to carry physical cash while you travelling. Companies will charge an amount for using their travel cards, it may vary according to the companies. In India, Money exchange in Delhi is the large market followed by other 6 cities.

 

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