What rate is the rate at which one country's currency can be traded for another's?

Name: What rate is the rate at which one country's currency can be traded for another's?
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Question

Quizplus · Accepted Answer

Exchange rate is the rate at which one country's currency can be traded for another's. Market rate refers to the current price of a security or commodity in the market. Soft rate and hard rate are not commonly used terms in finance. International rate is too broad and does not specifically refer to currency exchange rates.

What Rate Is the Rate at Which One Country's Currency