Question : What is the meaning of exchange rate?
Option 1: Quantum of domestic currency needed to pay for foreign currency
Option 2: Quantum of foreign currency needed to pay for another foreign currency
Option 3: Rate at which foreign currency is bought and sold
Option 4: All of these
Answer (1)
17th Jan, 2024
Correct Answer: All of these
Solution : The correct answer is (d) All of these.
The meaning of exchange rate is the rate at which one currency can be exchanged for another currency. It represents the value of one currency in terms of another currency.
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