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6.3.1 - Definition of foreign exchange rate

6.3.1 - Definition of foreign exchange rateThis section of the Cambridge IGCSE Economics (0455) syllabus requires students to be able to define exchange rates, as well as floating and fixed exchange rate systems.The term exchange rate refers to the price or value one currency in terms of another currency, such as the US dollar being valued at 7.78 Hong Kong dollars (USD1 = HKD7.78). In general, exchange rates are determined...

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