The value at which one currency can be exchanged for another currency is called the real exchange rate.

Name: The value at which one currency can be exchanged for another currency is called the real exchange rate.
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The value at which one currency can be exchanged for another currency is called the nominal exchange rate. The real exchange rate, on the other hand, adjusts the nominal exchange rate by the relative prices of a market basket of goods in the two countries.

The Value at Which One Currency Can Be Exchanged for Another