What does the statement,"at any given moment there is one exchange rate," refer to?

Question

Quizplus · Accepted Answer

The statement refers to the fact that there is one exchange rate between every pair of currencies at any given moment, meaning that for each currency pair there is a single rate at which they can be exchanged. This is because exchange rates represent the relative value between two currencies and are constantly fluctuating based on market forces such as supply and demand.

What Does the Statement,"at Any Given Moment There Is One