Why do currency exchange rates throughout the world trade within a very narrow range on any given day?

Question

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Currency exchange rates throughout the world trade within a very narrow range on any given day because of arbitrage. This refers to traders taking advantage of price differences in different markets to make a profit. As soon as there is a variance in the exchange rate between two countries, traders will begin to buy one currency and sell the other until the rates equalize. This reduces the margins for profit and ultimately leads to a narrowing of the range.

Why Do Currency Exchange Rates Throughout the World Trade Within