Correct Answer: Exchange rate

Solution : The correct answer is a) Exchange rate

The term used to describe the rate at which one currency can be exchanged for another currency is the exchange rate. It represents the value of one currency in terms of another currency. Exchange rates are quoted as the amount of one currency needed to purchase or sell a unit of another currency. They can be expressed in various forms, such as direct or indirect rates, spot rates, or forward rates, depending on the context and specific requirements of the transaction. Exchange rates play a crucial role in international trade, investment, and financial transactions.