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href="#Retail_foreign_exchange_trading"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Retail foreign exchange trading</span> </div> </a> <ul id="toc-Retail_foreign_exchange_trading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Quotations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Quotations"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Quotations</span> </div> </a> <ul id="toc-Quotations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Exchange_rate_regime" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Exchange_rate_regime"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Exchange rate regime</span> </div> </a> <ul id="toc-Exchange_rate_regime-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Exchange_rate_classification" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Exchange_rate_classification"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Exchange rate classification</span> </div> </a> <button aria-controls="toc-Exchange_rate_classification-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Exchange rate classification subsection</span> </button> <ul id="toc-Exchange_rate_classification-sublist" class="vector-toc-list"> <li id="toc-Other_classifications" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_classifications"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Other classifications</span> </div> </a> <ul id="toc-Other_classifications-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Factors_affecting_the_change_of_exchange_rate" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Factors_affecting_the_change_of_exchange_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Factors affecting the change of exchange rate</span> </div> </a> <button aria-controls="toc-Factors_affecting_the_change_of_exchange_rate-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Factors affecting the change of exchange rate subsection</span> </button> <ul id="toc-Factors_affecting_the_change_of_exchange_rate-sublist" class="vector-toc-list"> <li id="toc-Emerging_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Emerging_markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Emerging markets</span> </div> </a> <ul id="toc-Emerging_markets-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Fluctuations_in_exchange_rates" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Fluctuations_in_exchange_rates"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Fluctuations in exchange rates</span> </div> </a> <ul id="toc-Fluctuations_in_exchange_rates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Purchasing_power_of_currency" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Purchasing_power_of_currency"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Purchasing power of currency</span> </div> </a> <ul id="toc-Purchasing_power_of_currency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Real_exchange_rate_equilibrium_and_misalignment" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Real_exchange_rate_equilibrium_and_misalignment"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Real exchange rate equilibrium and misalignment</span> </div> </a> <ul id="toc-Real_exchange_rate_equilibrium_and_misalignment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bilateral_vs._effective_exchange_rate" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bilateral_vs._effective_exchange_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Bilateral vs. effective exchange rate</span> </div> </a> <ul id="toc-Bilateral_vs._effective_exchange_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Parallel_exchange_rate" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Parallel_exchange_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Parallel exchange rate</span> </div> </a> <ul id="toc-Parallel_exchange_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_models" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_models"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>Economic models</span> </div> </a> <button aria-controls="toc-Economic_models-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Economic models subsection</span> </button> <ul id="toc-Economic_models-sublist" class="vector-toc-list"> <li id="toc-Uncovered_interest_rate_parity_model" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Uncovered_interest_rate_parity_model"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.1</span> <span>Uncovered interest rate parity model</span> </div> </a> <ul id="toc-Uncovered_interest_rate_parity_model-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Balance_of_payments_model" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Balance_of_payments_model"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.2</span> <span>Balance of payments model</span> </div> </a> <ul id="toc-Balance_of_payments_model-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Asset_market_model" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Asset_market_model"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.3</span> <span>Asset market model</span> </div> </a> <ul id="toc-Asset_market_model-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Manipulation_of_exchange_rates" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Manipulation_of_exchange_rates"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>Manipulation of exchange rates</span> </div> </a> <ul id="toc-Manipulation_of_exchange_rates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">14</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">15</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">16</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Exchange rate</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 71 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-71" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">71 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Wisselkoers" title="Wisselkoers – Afrikaans" lang="af" hreflang="af" data-title="Wisselkoers" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D8%B9%D8%B1_%D8%A7%D9%84%D8%B5%D8%B1%D9%81" title="سعر الصرف – Arabic" lang="ar" hreflang="ar" data-title="سعر الصرف" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Tasa_de_camb%C3%A9u" title="Tasa de cambéu – Asturian" lang="ast" hreflang="ast" data-title="Tasa de cambéu" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Valyuta_m%C9%99z%C9%99nn%C9%99si" title="Valyuta məzənnəsi – Azerbaijani" lang="az" hreflang="az" data-title="Valyuta məzənnəsi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AC%E0%A6%BF%E0%A6%A8%E0%A6%BF%E0%A6%AE%E0%A6%AF%E0%A6%BC_%E0%A6%B9%E0%A6%BE%E0%A6%B0" title="বিনিময় হার – Bangla" lang="bn" hreflang="bn" data-title="বিনিময় হার" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Ho%C4%93-lu%CC%8Dt" title="Hoē-lu̍t – Minnan" lang="nan" hreflang="nan" data-title="Hoē-lu̍t" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%B0_%D0%BA%D1%83%D1%80%D1%81%D1%8B" title="Валюта курсы – Bashkir" lang="ba" hreflang="ba" data-title="Валюта курсы" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%90%D0%B1%D0%BC%D0%B5%D0%BD%D0%BD%D1%8B_%D0%BA%D1%83%D1%80%D1%81" title="Абменны курс – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Абменны курс" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%83%D1%82%D0%B5%D0%BD_%D0%BA%D1%83%D1%80%D1%81" title="Валутен курс – Bulgarian" lang="bg" hreflang="bg" data-title="Валутен курс" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Taxa_de_canvi" title="Taxa de canvi – Catalan" lang="ca" hreflang="ca" data-title="Taxa de canvi" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/M%C4%9Bnov%C3%BD_kurz" title="Měnový kurz – Czech" lang="cs" hreflang="cs" data-title="Měnový kurz" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da badge-Q70893996 mw-list-item" title=""><a href="https://da.wikipedia.org/wiki/Valutakurs" title="Valutakurs – Danish" lang="da" hreflang="da" data-title="Valutakurs" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Wechselkurs" title="Wechselkurs – German" lang="de" hreflang="de" data-title="Wechselkurs" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Valuutakurss" title="Valuutakurss – Estonian" lang="et" hreflang="et" data-title="Valuutakurss" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%99%CF%83%CE%BF%CF%84%CE%B9%CE%BC%CE%AF%CE%B1_(%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%AF%CE%B1)" title="Ισοτιμία (οικονομία) – Greek" lang="el" hreflang="el" data-title="Ισοτιμία (οικονομία)" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Tasa_de_cambio" title="Tasa de cambio – Spanish" lang="es" hreflang="es" data-title="Tasa de cambio" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Kurzo" title="Kurzo – Esperanto" lang="eo" hreflang="eo" data-title="Kurzo" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Trukaneurri" title="Trukaneurri – Basque" lang="eu" hreflang="eu" data-title="Trukaneurri" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%86%D8%B1%D8%AE_%D8%A7%D8%B1%D8%B2" title="نرخ ارز – Persian" lang="fa" hreflang="fa" data-title="نرخ ارز" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Taux_de_change" title="Taux de change – French" lang="fr" hreflang="fr" data-title="Taux de change" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-fy mw-list-item"><a href="https://fy.wikipedia.org/wiki/Wikselkoers" title="Wikselkoers – Western Frisian" lang="fy" hreflang="fy" data-title="Wikselkoers" data-language-autonym="Frysk" data-language-local-name="Western Frisian" class="interlanguage-link-target"><span>Frysk</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/R%C3%A1ta_malairte" title="Ráta malairte – Irish" lang="ga" hreflang="ga" data-title="Ráta malairte" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gu mw-list-item"><a href="https://gu.wikipedia.org/wiki/%E0%AA%B5%E0%AA%BF%E0%AA%A8%E0%AA%BF%E0%AA%AE%E0%AA%AF_%E0%AA%A6%E0%AA%B0" title="વિનિમય દર – Gujarati" lang="gu" hreflang="gu" data-title="વિનિમય દર" data-language-autonym="ગુજરાતી" data-language-local-name="Gujarati" class="interlanguage-link-target"><span>ગુજરાતી</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%99%98%EC%9C%A8" title="환율 – Korean" lang="ko" hreflang="ko" data-title="환율" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%93%D5%B8%D5%AD%D5%A1%D6%80%D5%AA%D5%A5%D6%84" title="Փոխարժեք – Armenian" lang="hy" hreflang="hy" data-title="Փոխարժեք" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF_%E0%A4%A6%E0%A4%B0" title="विनिमय दर – Hindi" lang="hi" hreflang="hi" data-title="विनिमय दर" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Devizni_te%C4%8Daj" title="Devizni tečaj – Croatian" lang="hr" hreflang="hr" data-title="Devizni tečaj" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Nilai_tukar" title="Nilai tukar – Indonesian" lang="id" hreflang="id" data-title="Nilai tukar" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Gengi" title="Gengi – Icelandic" lang="is" hreflang="is" data-title="Gengi" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Tasso_di_cambio" title="Tasso di cambio – Italian" lang="it" hreflang="it" data-title="Tasso di cambio" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A9%D7%A2%D7%A8_%D7%99%D7%A6%D7%99%D7%92" title="שער יציג – Hebrew" lang="he" hreflang="he" data-title="שער יציג" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A1%E1%83%90%E1%83%95%E1%83%90%E1%83%9A%E1%83%A3%E1%83%A2%E1%83%9D_%E1%83%99%E1%83%A3%E1%83%A0%E1%83%A1%E1%83%98" title="სავალუტო კურსი – Georgian" lang="ka" hreflang="ka" data-title="სავალუტო კურსი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%90%D0%B9%D1%8B%D1%80%D0%B1%D0%B0%D1%81%D1%82%D0%B0%D1%83_%D0%B1%D0%B0%D2%93%D0%B0%D0%BC%D1%8B" title="Айырбастау бағамы – Kazakh" lang="kk" hreflang="kk" data-title="Айырбастау бағамы" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/To_chanj" title="To chanj – Haitian Creole" lang="ht" hreflang="ht" data-title="To chanj" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target"><span>Kreyòl ayisyen</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%AD%E0%BA%B1%E0%BA%94%E0%BA%95%E0%BA%B2%E0%BB%81%E0%BA%A5%E0%BA%81%E0%BA%9B%E0%BB%88%E0%BA%BD%E0%BA%99" title="ອັດຕາແລກປ່ຽນ – Lao" lang="lo" hreflang="lo" data-title="ອັດຕາແລກປ່ຽນ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Val%C5%ABtas_kurss" title="Valūtas kurss – Latvian" lang="lv" hreflang="lv" data-title="Valūtas kurss" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Valiut%C5%B3_kursas" title="Valiutų kursas – Lithuanian" lang="lt" hreflang="lt" data-title="Valiutų kursas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%94%D0%B5%D0%B2%D0%B8%D0%B7%D0%B5%D0%BD_%D0%BA%D1%83%D1%80%D1%81" title="Девизен курс – Macedonian" lang="mk" hreflang="mk" data-title="Девизен курс" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%B5%E0%B4%BF%E0%B4%A8%E0%B4%BF%E0%B4%AE%E0%B4%AF%E0%B4%A8%E0%B4%BF%E0%B4%B0%E0%B4%95%E0%B5%8D%E0%B4%95%E0%B5%8D" title="വിനിമയനിരക്ക് – Malayalam" lang="ml" hreflang="ml" data-title="വിനിമയനിരക്ക്" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF_%E0%A4%A6%E0%A4%B0" title="विनिमय दर – Marathi" lang="mr" hreflang="mr" data-title="विनिमय दर" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kadar_pertukaran" title="Kadar pertukaran – Malay" lang="ms" hreflang="ms" data-title="Kadar pertukaran" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Wisselkoers" title="Wisselkoers – Dutch" lang="nl" hreflang="nl" data-title="Wisselkoers" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF%E0%A4%A6%E0%A4%B0" title="विनिमयदर – Nepali" lang="ne" hreflang="ne" data-title="विनिमयदर" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%82%BA%E6%9B%BF%E3%83%AC%E3%83%BC%E3%83%88" title="為替レート – Japanese" lang="ja" hreflang="ja" data-title="為替レート" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Valutakurs" title="Valutakurs – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Valutakurs" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Vekslingskurs" title="Vekslingskurs – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Vekslingskurs" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Valyuta_kursi" title="Valyuta kursi – Uzbek" lang="uz" hreflang="uz" data-title="Valyuta kursi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Kurs_walutowy" title="Kurs walutowy – Polish" lang="pl" hreflang="pl" data-title="Kurs walutowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Taxa_de_c%C3%A2mbio" title="Taxa de câmbio – Portuguese" lang="pt" hreflang="pt" data-title="Taxa de câmbio" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Curs_de_schimb" title="Curs de schimb – Romanian" lang="ro" hreflang="ro" data-title="Curs de schimb" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D1%8B%D0%B9_%D0%BA%D1%83%D1%80%D1%81" title="Валютный курс – Russian" lang="ru" hreflang="ru" data-title="Валютный курс" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Kursi_i_k%C3%ABmbimit" title="Kursi i këmbimit – Albanian" lang="sq" hreflang="sq" data-title="Kursi i këmbimit" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Exchange_rate" title="Exchange rate – Simple English" lang="en-simple" hreflang="en-simple" data-title="Exchange rate" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sd mw-list-item"><a href="https://sd.wikipedia.org/wiki/%D9%81%D8%A7%D8%B1%D9%8A%D9%86_%D8%A7%D9%8A%DA%AA%D8%B3%DA%86%D9%8A%D9%86%D8%AC_%D8%B1%D9%8A%D9%BD" title="فارين ايڪسچينج ريٽ – Sindhi" lang="sd" hreflang="sd" data-title="فارين ايڪسچينج ريٽ" data-language-autonym="سنڌي" data-language-local-name="Sindhi" class="interlanguage-link-target"><span>سنڌي</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Menov%C3%BD_kurz" title="Menový kurz – Slovak" lang="sk" hreflang="sk" data-title="Menový kurz" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-so mw-list-item"><a href="https://so.wikipedia.org/wiki/Sarifka" title="Sarifka – Somali" lang="so" hreflang="so" data-title="Sarifka" data-language-autonym="Soomaaliga" data-language-local-name="Somali" class="interlanguage-link-target"><span>Soomaaliga</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%94%D0%B5%D0%B2%D0%B8%D0%B7%D0%BD%D0%B8_%D0%BA%D1%83%D1%80%D1%81" title="Девизни курс – Serbian" lang="sr" hreflang="sr" data-title="Девизни курс" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Vaihtokurssi" title="Vaihtokurssi – Finnish" lang="fi" hreflang="fi" data-title="Vaihtokurssi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/V%C3%A4xelkurs" title="Växelkurs – Swedish" lang="sv" hreflang="sv" data-title="Växelkurs" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Halaga_ng_palitan" title="Halaga ng palitan – Tagalog" lang="tl" hreflang="tl" data-title="Halaga ng palitan" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A8%E0%AE%BE%E0%AE%A3%E0%AE%AF_%E0%AE%AE%E0%AE%BE%E0%AE%B1%E0%AF%8D%E0%AE%B1%E0%AF%81_%E0%AE%B5%E0%AF%80%E0%AE%A4%E0%AE%AE%E0%AF%8D" title="நாணய மாற்று வீதம் – Tamil" lang="ta" hreflang="ta" data-title="நாணய மாற்று வீதம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tt mw-list-item"><a href="https://tt.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%B0_%D0%BA%D1%83%D1%80%D1%81%D1%8B" title="Валюта курсы – Tatar" lang="tt" hreflang="tt" data-title="Валюта курсы" data-language-autonym="Татарча / tatarça" data-language-local-name="Tatar" class="interlanguage-link-target"><span>Татарча / tatarça</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/D%C3%B6viz_kuru" title="Döviz kuru – Turkish" lang="tr" hreflang="tr" data-title="Döviz kuru" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D0%B8%D0%B9_%D0%BA%D1%83%D1%80%D1%81" title="Валютний курс – Ukrainian" lang="uk" hreflang="uk" data-title="Валютний курс" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%B2%D8%B1_%D9%85%D8%A8%D8%A7%D8%AF%D9%84%DB%81_%DA%A9%DB%8C_%D8%B4%D8%B1%D8%AD" title="زر مبادلہ کی شرح – Urdu" lang="ur" hreflang="ur" data-title="زر مبادلہ کی شرح" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%E1%BB%B7_gi%C3%A1_h%E1%BB%91i_%C4%91o%C3%A1i" title="Tỷ giá hối đoái – Vietnamese" lang="vi" hreflang="vi" data-title="Tỷ giá hối đoái" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Kantidad_hin_pagbalyo" title="Kantidad hin pagbalyo – Waray" lang="war" hreflang="war" data-title="Kantidad hin pagbalyo" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E6%B1%87%E7%8E%87" title="汇率 – Wu" lang="wuu" hreflang="wuu" data-title="汇率" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%A7%D7%95%D7%A8%D7%A1_(%D7%A4%D7%99%D7%A0%D7%90%D7%A0%D7%A5)" title="קורס (פינאנץ) – Yiddish" lang="yi" hreflang="yi" data-title="קורס (פינאנץ)" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%8C%AF%E7%8E%87" title="匯率 – Cantonese" lang="yue" hreflang="yue" data-title="匯率" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%B1%87%E7%8E%87" title="汇率 – Chinese" lang="zh" hreflang="zh" data-title="汇率" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet 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<div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"><span class="mw-redirectedfrom">(Redirected from <a href="/w/index.php?title=Foreign_exchange_rate&redirect=no" class="mw-redirect" title="Foreign exchange rate">Foreign exchange rate</a>)</span></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Rate at which one currency will be exchanged for another</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output 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0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Exchange_rate" title="Special:EditPage/Exchange rate">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Exchange+rate%22">"Exchange rate"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Exchange+rate%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Exchange+rate%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Exchange+rate%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Exchange+rate%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Exchange+rate%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">February 2024</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Money-Euro-USD-LEI_53073-480x360_(4791385567).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Money-Euro-USD-LEI_53073-480x360_%284791385567%29.jpg/260px-Money-Euro-USD-LEI_53073-480x360_%284791385567%29.jpg" decoding="async" width="260" height="195" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Money-Euro-USD-LEI_53073-480x360_%284791385567%29.jpg/390px-Money-Euro-USD-LEI_53073-480x360_%284791385567%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/d/d4/Money-Euro-USD-LEI_53073-480x360_%284791385567%29.jpg 2x" data-file-width="480" data-file-height="360" /></a><figcaption><a href="/wiki/United_States_dollar" title="United States dollar">USD</a>, <a href="/wiki/Euro" title="Euro">Euro</a>, and <a href="/wiki/Romanian_leu" title="Romanian leu">Romanian leu</a>.</figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist 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.sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title">Foreign exchange</th></tr><tr><th class="sidebar-heading"> Exchange rates</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Currency_band" title="Currency band">Currency band</a></li> <li><a class="mw-selflink selflink">Exchange rate</a></li> <li><a href="/wiki/Exchange_rate_regime" title="Exchange rate regime">Exchange rate regime</a></li> <li><a href="/wiki/Exchange-rate_flexibility" title="Exchange-rate flexibility">Exchange-rate flexibility</a></li> <li><a href="/wiki/Currency_substitution" title="Currency substitution">Dollarization</a></li> <li><a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">Fixed exchange rate</a></li> <li><a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">Floating exchange rate</a></li> <li><a href="/wiki/Linked_exchange_rate" class="mw-redirect" title="Linked exchange rate">Linked exchange rate</a></li> <li><a href="/wiki/Managed_float_regime" title="Managed float regime">Managed float regime</a></li> <li><a href="/wiki/Dual_exchange_rate" title="Dual exchange rate">Dual exchange rate</a></li> <li><a href="/wiki/List_of_countries_by_foreign-exchange_reserves" title="List of countries by foreign-exchange reserves">List of countries by foreign-exchange reserves</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Markets</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li> <li><a href="/wiki/Retail_foreign_exchange_trading" title="Retail foreign exchange trading">Retail foreign exchange trading</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Assets</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Currency" title="Currency">Currency</a></li> <li><a href="/wiki/Currency_future" title="Currency future">Currency future</a></li> <li><a href="/wiki/Currency_forward" class="mw-redirect" title="Currency forward">Currency forward</a></li> <li><a href="/wiki/Non-deliverable_forward" title="Non-deliverable forward">Non-deliverable forward</a></li> <li><a href="/wiki/Foreign_exchange_swap" title="Foreign exchange swap">Foreign exchange swap</a></li> <li><a href="/wiki/Currency_swap" title="Currency swap">Currency swap</a></li> <li><a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">Foreign exchange option</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Historical agreements</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Bretton_Woods_Conference" title="Bretton Woods Conference">Bretton Woods Conference</a></li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a></li> <li><a href="/wiki/Plaza_Accord" title="Plaza Accord">Plaza Accord</a></li> <li><a href="/wiki/Louvre_Accord" title="Louvre Accord">Louvre Accord</a></li></ul></td> </tr><tr><th class="sidebar-heading"> See also</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Bureau_de_change" title="Bureau de change">Bureau de change</a></li> <li><a href="/wiki/Hard_currency" title="Hard currency">Hard currency</a></li> <li><a href="/wiki/Currency_pair" title="Currency pair">Currency pair</a></li> <li><a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">Foreign exchange fraud</a></li> <li><a href="/wiki/Currency_intervention" title="Currency intervention">Currency intervention</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Foreign_exchange" title="Template:Foreign exchange"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Foreign_exchange" title="Template talk:Foreign exchange"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Foreign_exchange" title="Special:EditPage/Template:Foreign exchange"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Finance" title="Finance">finance</a>, an <b>exchange rate</b> is the rate at which one <a href="/wiki/Currency" title="Currency">currency</a> will be exchanged for another currency.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Currencies are most commonly national currencies, but may be sub-national as in the case of <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> or supra-national as in the case of the <a href="/wiki/Euro" title="Euro">euro</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The exchange rate is also regarded as the value of one country's currency in relation to another currency.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> For example, an <a href="/wiki/Interbank_lending_market" title="Interbank lending market">interbank exchange rate</a> of 141 <a href="/wiki/Japanese_yen" title="Japanese yen">Japanese yen</a> to the <a href="/wiki/United_States_dollar" title="United States dollar">United States dollar</a> means that ¥141 will be exchanged for <span style="white-space: nowrap">US$1</span> or that <span style="white-space: nowrap">US$1</span> will be exchanged for ¥141. In this case it is said that the price of a dollar in relation to yen is ¥141, or equivalently that the price of a yen in relation to dollars is $1/141. </p><p>Each country determines the <a href="/wiki/Exchange_rate_regime" title="Exchange rate regime">exchange rate regime</a> that will apply to its currency. For example, a currency may be <a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">floating</a>, <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">pegged (fixed)</a>, or a hybrid.<sup id="cite_ref-:1_4-0" class="reference"><a href="#cite_note-:1-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Governments can impose certain limits and controls on exchange rates. Countries can also have a strong or weak currency.<sup id="cite_ref-:1_4-1" class="reference"><a href="#cite_note-:1-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> There is no agreement in the economic literature on the optimal national exchange rate policy (unlike on the subject of trade where free trade is considered optimal).<sup id="cite_ref-:0_5-0" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Rather, national exchange rate regimes reflect political considerations.<sup id="cite_ref-:0_5-1" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In floating exchange rate regimes, exchange rates are determined in the <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange market</a>,<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous: 24 hours a day except weekends (i.e. trading from 20:15 <a href="/wiki/GMT" class="mw-redirect" title="GMT">GMT</a> on Sunday until 22:00 GMT Friday). The <a href="/wiki/Spot_exchange_rate" class="mw-redirect" title="Spot exchange rate">spot exchange rate</a> is the current exchange rate, while the <a href="/wiki/Forward_exchange_rate" title="Forward exchange rate">forward exchange rate</a> is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. </p><p>In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell that currency. The quoted rates will incorporate an allowance for a dealer's margin (or profit) in trading, or else the margin may be recovered in the form of a <a href="/wiki/Commission_(remuneration)" title="Commission (remuneration)">commission</a> or in some other way. Different rates may also be quoted for cash, a documentary transaction or for electronic transfers. The higher rate on documentary transactions has been justified as compensating for the additional time and cost of clearing the document. On the other hand, cash is available for resale immediately, but incurs security, storage, and transportation costs, and the cost of tying up capital in a stock of banknotes (bills). </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="The_retail_exchange_market">The retail exchange market</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=1" title="Edit section: The retail exchange market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Exchange_rate&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">February 2021</span>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:EUR-USD_exchange_rate.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/EUR-USD_exchange_rate.webp/330px-EUR-USD_exchange_rate.webp.png" decoding="async" width="330" height="85" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/EUR-USD_exchange_rate.webp/495px-EUR-USD_exchange_rate.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4f/EUR-USD_exchange_rate.webp/660px-EUR-USD_exchange_rate.webp.png 2x" data-file-width="1592" data-file-height="411" /></a><figcaption><a href="/wiki/Euro" title="Euro">EUR</a>/<a href="/wiki/United_States_dollar" title="United States dollar">USD</a> exchange rate</figcaption></figure><p>Currency for international travel and cross-border payments is predominantly purchased from banks, foreign exchange brokerages and various forms of <a href="/wiki/Bureaux_de_change" class="mw-redirect" title="Bureaux de change">bureaux de change</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="Factual claims like this require specific references (January 2021)">citation needed</span></a></i>]</sup> These retail outlets source currency from the interbank markets, which are valued by the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> at US$5.3 trillion per day.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The purchase is made at the <a href="/wiki/Spot_contract" title="Spot contract">spot contract</a> rate. Retail customers will be charged, in the form of commission or otherwise, to cover the provider's costs and generate a profit. One form of charge is the use of an exchange rate that is less favourable than the wholesale spot rate.<sup id="cite_ref-Peters_8-0" class="reference"><a href="#cite_note-Peters-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The difference between retail buying and selling prices is referred to as the <a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">bid–ask spread</a>. </p><div class="mw-heading mw-heading2"><h2 id="Retail_foreign_exchange_trading">Retail foreign exchange trading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=2" title="Edit section: Retail foreign exchange trading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Retail_foreign_exchange_trading" title="Retail foreign exchange trading">Retail foreign exchange trading</a></div> <p><b>Retail foreign exchange trading</b> is a small segment of the larger <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange market</a> where individuals <a href="/wiki/Speculation" title="Speculation">speculate</a> on the exchange rate between different currencies. This segment has developed with the advent of dedicated <a href="/wiki/Electronic_trading_platform" title="Electronic trading platform">electronic trading platforms</a> and the internet, which allows individuals to access the global currency markets. As of 2016, it was reported that retail foreign exchange trading represented 5.5% of the whole foreign exchange market ($282 billion in daily trading turnover).<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Quotations">Quotations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=3" title="Edit section: Quotations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Currency_pair" title="Currency pair">Currency pair</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:South_East_Asia_Exchange_Rates_(6031878489).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/db/South_East_Asia_Exchange_Rates_%286031878489%29.jpg/220px-South_East_Asia_Exchange_Rates_%286031878489%29.jpg" decoding="async" width="220" height="219" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/db/South_East_Asia_Exchange_Rates_%286031878489%29.jpg/330px-South_East_Asia_Exchange_Rates_%286031878489%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/db/South_East_Asia_Exchange_Rates_%286031878489%29.jpg/440px-South_East_Asia_Exchange_Rates_%286031878489%29.jpg 2x" data-file-width="1027" data-file-height="1024" /></a><figcaption>Exchange rates display in <a href="/wiki/Thailand" title="Thailand">Thailand</a></figcaption></figure> <p>There is a market convention that rules the notation used to communicate the fixed and variable currencies in a quotation. For example, in a conversion from EUR to AUD, EUR is the fixed currency, AUD is the variable currency and the exchange rate indicates how many Australian dollars would be paid or received for 1 euro. </p><p>In some areas of Europe and in the retail market in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, EUR and GBP are reversed so that GBP is quoted as the fixed currency to the euro. In order to determine which is the fixed currency when neither currency is on the above list (i.e. both are "other"), market convention is to use the fixed currency which gives an exchange rate greater than 1.000. This reduces rounding issues and the need to use excessive numbers of decimal places. There are some exceptions to this rule: for example, the Japanese often quote their currency as the base to other currencies. </p><p>Quotation using a country's home currency as the price currency is known as direct quotation or price quotation (from that country's perspective) <sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (May 2016)">clarification needed</span></a></i>]</sup> For example, <span class="nowrap">€0.8989</span> = <span style="white-space: nowrap">US$1.00</span> in the Eurozone<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> and is used in most countries. </p><p>Quotation using a country's home currency as the unit currency<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (May 2016)">clarification needed</span></a></i>]</sup> (for example, <span style="white-space: nowrap">US$1.11</span> = <span class="nowrap">€1.00</span> in the Eurozone) is known as indirect quotation or quantity quotation and is used in <a href="/wiki/United_Kingdom" title="United Kingdom">British</a> newspapers; it is also common in <a href="/wiki/Australia" title="Australia">Australia</a>, <a href="/wiki/New_Zealand" title="New Zealand">New Zealand</a> and the Eurozone. </p><p>Using direct quotation, if the home currency is strengthening (that is, <a href="/wiki/Currency_appreciation_and_depreciation" title="Currency appreciation and depreciation">appreciating</a>, or becoming more valuable) then the exchange rate number decreases. Conversely, if the foreign currency is strengthening and the home currency is <a href="/wiki/Depreciation_(currency)" class="mw-redirect" title="Depreciation (currency)">depreciating</a>, the exchange rate number increases. </p><p>Market convention from the early 1980s to 2006 was that most currency pairs were quoted to four decimal places for spot transactions and up to six decimal places for forward outrights or swaps. (The fourth decimal place is usually referred to as a "<a href="/wiki/Percentage_in_point" title="Percentage in point">pip</a>"). An exception to this was exchange rates with a value of less than 1.000 which were usually quoted to five or six decimal places. Although there is no fixed rule, exchange rates numerically greater than around 20 were usually quoted to three decimal places and exchange rates greater than 80 were quoted to two decimal places. Currencies over 5000 were usually quoted with no decimal places (for example, the former Turkish Lira). e.g. (GBPOMR : 0.765432 -  : 1.4436 - EURJPY : 165.29). In other words, quotes are given with five digits. Where rates are below 1, quotes frequently include five decimal places.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>In 2005, Barclays Capital broke with convention by quoting spot exchange rates with five or six decimal places on their electronic dealing platform.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The contraction of spreads (the difference between the bid and ask rates) arguably necessitated finer pricing and gave the banks the ability to try to win transactions on multibank trading platforms where all banks may otherwise have been quoting the same price. A number of other banks have since followed this system.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2021)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Exchange_rate_regime">Exchange rate regime</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=4" title="Edit section: Exchange rate regime"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Exchange_rate_regime" title="Exchange rate regime">Exchange rate regime</a></div> <p>Countries are free to choose which type of exchange rate regime they will apply to their currency. The main types of exchange rate regimes are: free-floating, pegged (fixed), or a hybrid. </p><p>In free-floating regimes, exchange rates are allowed to vary against each other according to the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on <a href="/wiki/Financial_market" title="Financial market">financial markets</a>, mainly by <a href="/wiki/Bank" title="Bank">banks</a>, around the world. </p><p>A movable or adjustable peg system is a system of <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rates</a>, but with a provision for the revaluation (usually devaluation) of a currency. For example, between 1994 and 2005, the <a href="/wiki/List_of_renminbi_exchange_rates" title="List of renminbi exchange rates">Chinese yuan renminbi</a> (RMB) was pegged to the <a href="/wiki/United_States_dollar" title="United States dollar">United States dollar</a> at RMB 8.2768 to $1. China was not the only country to do this; from the end of <a href="/wiki/World_War_II" title="World War II">World War II</a> until 1967, Western European countries all maintained fixed exchange rates with the US dollar based on the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> But that system had to be abandoned in favor of floating, market-based regimes due to market pressures and speculation, according to President Richard M. Nixon in a speech on August 15, 1971, in what is known as the <a href="/wiki/Nixon_Shock" class="mw-redirect" title="Nixon Shock">Nixon Shock</a>. </p><p>Still, some governments strive to keep their currency within a narrow range. As a result, currencies become over-valued or under-valued, leading to excessive trade deficits or surpluses. </p> <div class="mw-heading mw-heading2"><h2 id="Exchange_rate_classification">Exchange rate classification</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=5" title="Edit section: Exchange rate classification"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dt>From the perspective of bank foreign exchange trading</dt> <dd></dd></dl> <ul><li>Buying rate: Also known as the purchase price, it is the price used by the foreign exchange bank to buy foreign currency from the customer. In general, the exchange rate where the foreign currency is converted to a smaller number of domestic currencies is the buying rate, which indicates how much the country's currency is required to buy a certain amount of foreign exchange.</li> <li>Selling rate: Also known as the foreign exchange selling price, it refers to the exchange rate used by the bank to sell foreign exchange to customers. It indicates how much the country's currency needs to be recovered if the bank sells a certain amount of foreign exchange.</li> <li>Middle rate: The average of the bid price and the ask price. Commonly used in newspapers, magazines or economic analysis.</li></ul> <dl><dt>According to the length of delivery after foreign exchange transactions</dt> <dd></dd></dl> <ul><li>Spot exchange rate: Refers to the exchange rate of spot foreign exchange transactions. That is, after the foreign exchange transaction is completed, the exchange rate in Delivery within two working days. The exchange rate that is generally listed on the <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange market</a> is generally referred to as the spot exchange rate unless it specifically indicates the forward exchange rate.</li> <li>Forward exchange rate: To be delivered in a certain period of time in the future, but beforehand, the buyer and the seller will enter into a contract to reach an agreement. When the delivery date is reached, both parties to the agreement will deliver the transaction at the exchange rate and amount of the reservation. Forward foreign exchange trading is an appointment-based transaction, which is due to the different time the foreign exchange purchaser needs for foreign exchange funds and the introduction of foreign exchange risk. The forward exchange rate is based on the spot exchange rate, which is represented by the "premium", "discount", and "parity" of the spot exchange rate.</li></ul> <dl><dt>According to the method of setting the exchange rate</dt> <dd></dd></dl> <ul><li>Basic rate: Usually choose a key convertible currency that is the most commonly used in international economic transactions and accounts for the largest proportion of foreign exchange reserves. Compare it with the currency of the country and set the exchange rate. This exchange rate is the basic exchange rate. The key currency generally refers to a world currency, which is widely used for pricing, settlement, reserve currency, freely convertible, and internationally accepted currency.</li> <li>Cross rate: After the basic exchange rate is worked out, the exchange rate of the local currency against other foreign currencies can be calculated through the basic exchange rate. The resulting exchange rate is the cross exchange rate.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Other_classifications">Other classifications</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=6" title="Edit section: Other classifications"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dt>According to the payment method in foreign exchange transactions</dt> <dd></dd></dl> <ul><li>Telegraphic exchange rate</li> <li>Mail transfer rate</li> <li>Demand draft rate</li></ul> <dl><dt>According to the level of <a href="/wiki/Foreign_exchange_controls" title="Foreign exchange controls">foreign exchange controls</a></dt> <dd></dd></dl> <ul><li>Official rate: The official exchange rate is the rate of exchange announced by a country's foreign exchange administration. Usually used by countries with strict foreign exchange controls.</li> <li>Market rate: The market exchange rate refers to the real exchange rate for trading foreign exchange in the free market. It fluctuates with changes in foreign exchange supply and demand conditions.</li></ul> <dl><dt>According to the international exchange rate regime</dt> <dd></dd></dl> <ul><li>Fixed exchange rate: It means that the exchange rate between a country's currency and another country's currency is basically fixed, and the fluctuation of exchange rate is very small.</li> <li>Floating exchange rate: It means that the monetary authorities of a country do not stipulate the official exchange rate of the country's currency against other currencies, nor does it have any upper or lower limit of exchange rate fluctuations. The local currency is determined by the supply and demand relationship of the foreign exchange market, and it is free to rise and fall.</li></ul> <dl><dt>Whether <a href="/wiki/Inflation" title="Inflation">inflation</a> is included</dt> <dd></dd></dl> <ul><li>Nominal exchange rate: an exchange rate that is officially announced or marketed which does not consider inflation.</li> <li>Real exchange rate: The nominal exchange rate eliminating inflation</li></ul> <div class="mw-heading mw-heading2"><h2 id="Factors_affecting_the_change_of_exchange_rate">Factors affecting the change of exchange rate</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=7" title="Edit section: Factors affecting the change of exchange rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ol><li><a href="/wiki/Balance_of_payments" title="Balance of payments">Balance of payments</a>: When a country has a large international balance of payments deficit or trade deficit, it means that its foreign exchange earnings are less than foreign exchange expenditures and its demand for foreign exchange exceeds its supply, so its foreign exchange rate rises, and its currency depreciates.</li> <li>Interest rate level: Interest rates are the cost and profit of borrowing capital. When a country raises its interest rate or its domestic interest rate is higher than the foreign interest rate, it will cause capital inflow, thereby increasing the demand for domestic currency, allowing the currency to appreciate and the foreign exchange depreciate.</li> <li>Inflation factor: The inflation rate of a country rises, the purchasing power of money declines, the paper currency depreciates internally, and then the foreign currency appreciates. If both countries have inflation, the currencies of countries with high inflation will depreciate against those with low inflation. The latter is a relative revaluation of the former.</li> <li>Fiscal and monetary policy: Although the influence of <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> on the exchange rate changes of a country's government is indirect, it is also very important. In general, the huge fiscal revenue and expenditure deficit caused by expansionary fiscal and monetary policies and inflation will devalue the domestic currency. The tightening fiscal and monetary policies will reduce fiscal expenditures, stabilize the currency, and increase the value of the domestic currency.</li> <li>Speculation: If speculators expect a certain currency to appreciate, they will buy a large amount of that currency, which will cause the exchange rate of that currency to rise. Conversely, if speculators expect a certain currency to depreciate, they will sell off a large amount of the currency causing the exchange rate to fall. Speculation is an important factor in the short-term fluctuations in the exchange rate of the foreign exchange market.</li> <li>Government market intervention: When exchange rate fluctuations in the foreign exchange market adversely affect a country's economy, trade, or the government needs to achieve certain policy goals through exchange rate adjustments, monetary authorities can participate in currency trading, buying or selling local or foreign currencies in large quantities in the market. The foreign exchange supply and demand has caused the exchange rate to change.</li> <li>Economic strength of a country: In general, high economic growth rates are not conducive to the local currency's performance in the foreign exchange market in the short term, but in the long run, they strongly support the strong momentum of the local currency.</li></ol> <div class="mw-heading mw-heading3"><h3 id="Emerging_markets">Emerging markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=8" title="Edit section: Emerging markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Research on <a href="/w/index.php?title=Target_zones&action=edit&redlink=1" class="new" title="Target zones (page does not exist)">target zones</a> has mainly concentrated on the benefit of stability of exchange rates for industrial countries, but some studies have argued that volatile bilateral exchange rates between industrial countries are in part responsible for financial crisis in emerging markets. According to this view the ability of emerging market economies to compete is weakened because many of the currencies are tied to the US dollar in various fashions either implicitly or explicitly, so fluctuations such as the appreciation of the US dollar to the yen or deutsche Mark have contributed to destabilizing shocks. Most of these countries are net debtors whose debt is denominated in one of the <a href="/w/index.php?title=G3_currencies&action=edit&redlink=1" class="new" title="G3 currencies (page does not exist)">G3 currencies</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>In September 2019 Argentina restricted the ability to buy US dollars. <a href="/wiki/Mauricio_Macri" title="Mauricio Macri">Mauricio Macri</a> in 2015 campaigned on a promise to lift restrictions put in place by the left-wing government including the <a href="/wiki/Capital_controls" class="mw-redirect" title="Capital controls">capital controls</a> which have been used in Argentina to manage economic instability. When inflation rose above 20 percent transactions denominated in dollars became commonplace as Argentines moved away from using the peso. In 2011 the government of <a href="/wiki/Cristina_Fern%C3%A1ndez_de_Kirchner" title="Cristina Fernández de Kirchner">Cristina Fernández de Kirchner</a> restricted the purchase of dollars leading to a rise in black market dollar purchases. The controls were rolled back after Macri took office and Argentina issued dollar denominated <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, but when various factors led to a loss in the value of the peso relative to the dollar leading to the restoration of capital controls to prevent additional <a href="/wiki/Currency_appreciation_and_depreciation" title="Currency appreciation and depreciation">depreciation</a> amidst peso selloffs.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Fluctuations_in_exchange_rates">Fluctuations in exchange rates</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=9" title="Edit section: Fluctuations in exchange rates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A market-based exchange rate will change whenever the values of either of the two component currencies change. A currency becomes more valuable whenever demand for it is greater than the available supply. It will become less valuable whenever demand is less than available supply (this does not mean people no longer want money, it just means they prefer holding their wealth in some other form, possibly another currency). </p><p>Increased demand for a currency can be due to either an increased transaction <a href="/wiki/Demand_for_money" title="Demand for money">demand for money</a> or an increased speculative demand for money. The transaction demand is highly correlated to a country's level of business activity, gross domestic product (GDP), and employment levels. The more people that are <a href="/wiki/Unemployed" class="mw-redirect" title="Unemployed">unemployed</a>, the less the public as a whole will spend on goods and services. <a href="/wiki/Central_bank" title="Central bank">Central banks</a> typically have little difficulty adjusting the available money supply to accommodate changes in the demand for money due to business transactions. </p><p>Speculative demand is much harder for central banks to accommodate, which they influence by adjusting <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>. A speculator may buy a currency if the return (that is the interest rate) is high enough. In general, the higher a country's interest rates, the greater will be the demand for that currency. It has been argued<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag may use weasel words or too-vague attribution. (November 2011)">by whom?</span></a></i>]</sup> that such speculation can undermine real economic growth, in particular since large currency speculators may deliberately create downward pressure on a currency by shorting in order to force that central bank to buy their own currency to keep it stable. (When that happens, the speculator can buy the currency back after it depreciates, close out their position, and thereby make a profit.)<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2011)">citation needed</span></a></i>]</sup> </p><p>For <a href="/wiki/Ship_transport" class="mw-redirect" title="Ship transport">carrier companies</a> shipping goods from one nation to another, exchange rates can often impact them severely. Therefore, most carriers have a <a href="/wiki/Currency_Adjustment_Factor_(CAF)" class="mw-redirect" title="Currency Adjustment Factor (CAF)">CAF</a> charge to account for these fluctuations.<sup id="cite_ref-CAF_16-0" class="reference"><a href="#cite_note-CAF-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Purchasing_power_of_currency">Purchasing power of currency</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=10" title="Edit section: Purchasing power of currency"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <b>real exchange rate</b> (<b>RER</b>) is the purchasing power of a currency relative to another at current exchange rates and prices. It is the ratio of the number of units of a given country's currency necessary to buy a market basket of goods in the other country, after acquiring the other country's currency in the foreign exchange market, to the number of units of the given country's currency that would be necessary to buy that market basket directly in the given country. There are various ways to measure RER.<sup id="cite_ref-Erlat,_Guzin_and_Arslaner,_Ferhat_18-0" class="reference"><a href="#cite_note-Erlat,_Guzin_and_Arslaner,_Ferhat-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Thus the real exchange rate is the exchange rate times the relative prices of a market basket of goods in the two countries. For example, the purchasing power of the <a href="/wiki/US_dollar" class="mw-redirect" title="US dollar">US dollar</a> relative to that of the <a href="/wiki/Euro" title="Euro">euro</a> is the dollar price of a euro (dollars per euro) times the euro price of one unit of the market basket (euros/goods unit) divided by the dollar price of the market basket (dollars per goods unit), and hence is dimensionless. This is the exchange rate (expressed as dollars per euro) times the relative price of the two currencies in terms of their ability to purchase units of the market basket (euros per goods unit divided by dollars per goods unit). If all goods were freely <a href="/wiki/Tradable_good" class="mw-redirect" title="Tradable good">tradable</a>, and foreign and domestic residents purchased identical baskets of goods, <a href="/wiki/Purchasing_power_parity" title="Purchasing power parity">purchasing power parity</a> (PPP) would hold for the exchange rate and <a href="/wiki/GDP_deflator" title="GDP deflator">GDP deflators</a> (price levels) of the two countries, and the real exchange rate would always equal 1. </p><p>The rate of change of the real exchange rate over time for the euro versus the dollar equals the rate of appreciation of the euro (the positive or negative percentage rate of change of the dollars-per-euro exchange rate) plus the <a href="/wiki/Inflation_rate" class="mw-redirect" title="Inflation rate">inflation rate</a> of the euro minus the inflation rate of the dollar. </p> <div class="mw-heading mw-heading2"><h2 id="Real_exchange_rate_equilibrium_and_misalignment">Real exchange rate equilibrium and misalignment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=11" title="Edit section: Real exchange rate equilibrium and misalignment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Real Exchange Rate (RER) represents the nominal exchange rate adjusted by the relative price of domestic and foreign goods and services, thus reflecting the competitiveness of a country with respect to the rest of the world.<sup id="cite_ref-auto_19-0" class="reference"><a href="#cite_note-auto-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> More in detail, an appreciation of the currency or a high level of domestic inflation reduces the RER, thus reducing the country's competitiveness and lowering the Current Account (CA). On the other hand, a currency depreciation generates an opposite effect, improving the country's CA.<sup id="cite_ref-auto1_20-0" class="reference"><a href="#cite_note-auto1-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>There is evidence that the RER generally reaches a steady level in the long-term, and that this process is faster in small open economies characterized by fixed exchange rates.<sup id="cite_ref-auto1_20-1" class="reference"><a href="#cite_note-auto1-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Any substantial and persistent RER deviation from its long-run equilibrium level, the so-called RER misalignment, has shown to produce negative impacts on a country's balance of payments.<sup id="cite_ref-auto2_21-0" class="reference"><a href="#cite_note-auto2-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> An overvalued RER means that the current RER is above its equilibrium value, whereas an undervalued RER indicates the contrary.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Specifically, a prolonged RER overvaluation is widely considered as an early sign of an upcoming crisis, due to the fact that the country becomes vulnerable to both speculative attacks and currency crisis, as happened in Thailand during the <a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a>.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> On the other side, a protracted RER undervaluation usually generates pressure on domestic prices, changing the consumers' consumption incentives and, so, misallocating resources between tradable and non-tradable sectors.<sup id="cite_ref-auto2_21-1" class="reference"><a href="#cite_note-auto2-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Given that RER misalignment and, in particular overvaluation, can undermine the country's export-oriented development strategy, the equilibrium RER measurement is crucial for policymakers.<sup id="cite_ref-auto_19-1" class="reference"><a href="#cite_note-auto-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Unfortunately, this variable cannot be observed. The most common method in order to estimate the equilibrium RER is the universally accepted Purchasing Power Parity (PPP) theory, according to which the RER equilibrium level is assumed to remain constant over time. Nevertheless, the equilibrium RER is not a fixed value as it follows the trend of key economic fundamentals,<sup id="cite_ref-auto_19-2" class="reference"><a href="#cite_note-auto-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> such as different monetary and fiscal policies or asymmetrical shocks between the home country and abroad.<sup id="cite_ref-auto1_20-2" class="reference"><a href="#cite_note-auto1-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Consequently, the PPP doctrine has been largely debated during the years, given that it may signal a natural RER movement towards its new equilibrium as a RER misalignment. </p><p>Starting from the 1980s, in order to overcome the limitations of this approach, many researchers tried to find some alternative equilibrium RER measures.<sup id="cite_ref-auto_19-3" class="reference"><a href="#cite_note-auto-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Two of the most popular approaches in the economic literature are the Fundamental Equilibrium Exchange Rate (FEER), developed by Williamson (1994),<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> and the Behavioural Equilibrium Exchange Rate (BEER), initially estimated by Clark and MacDonald (1998).<sup id="cite_ref-auto3_25-0" class="reference"><a href="#cite_note-auto3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The FEER focuses on long-run determinants of the RER, rather than on short-term cyclical and speculative forces.<sup id="cite_ref-auto3_25-1" class="reference"><a href="#cite_note-auto3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> It represents a RER consistent with macroeconomic balance, characterized by the achievement of internal and external balances at the same time. Internal balance is reached when the level of output is in line with both full employment of all available factors of production, and a low and stable rate of inflation.<sup id="cite_ref-auto3_25-2" class="reference"><a href="#cite_note-auto3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> On the other hand, external balance holds when actual and future CA balances are compatible with long-term sustainable net capital flows.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Nevertheless, the FEER is viewed as a normative measure of the RER since it is based on some "ideal" economic conditions related to internal and external balances. Particularly, since the sustainable CA position is defined as an exogenous value, this approach has been broadly questioned over time. By contrast, the BEER entails an econometric analysis of the RER behaviour, considering significant RER deviations from its PPP equilibrium level as a consequence of changes in key economic fundamentals. According to this method, the BEER is the RER that results when all the economic fundamentals are at their equilibrium values.<sup id="cite_ref-auto1_20-3" class="reference"><a href="#cite_note-auto1-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Therefore, the total RER misalignment is given by the extent to which economic fundamentals differ from their long-run sustainable levels. In short, the BEER is a more general approach than the FEER, since it is not limited to the long-term perspective, being able to explain RER cyclical movements.<sup id="cite_ref-auto3_25-3" class="reference"><a href="#cite_note-auto3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Bilateral_vs._effective_exchange_rate">Bilateral vs. effective exchange rate</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=12" title="Edit section: Bilateral vs. effective exchange rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Currency_gnp_weighted_comparison_1999_2011.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Currency_gnp_weighted_comparison_1999_2011.svg/220px-Currency_gnp_weighted_comparison_1999_2011.svg.png" decoding="async" width="220" height="159" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Currency_gnp_weighted_comparison_1999_2011.svg/330px-Currency_gnp_weighted_comparison_1999_2011.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Currency_gnp_weighted_comparison_1999_2011.svg/440px-Currency_gnp_weighted_comparison_1999_2011.svg.png 2x" data-file-width="750" data-file-height="542" /></a><figcaption>Example of GNP-weighted nominal exchange rate history of a basket of 6 important currencies (US Dollar, Euro, Japanese Yen, Chinese Renminbi, Swiss Franks, Pound Sterling</figcaption></figure> <p>Bilateral exchange rate involves a currency pair, while an <a href="/wiki/Trade_weighted_index" class="mw-redirect" title="Trade weighted index">effective exchange rate</a> is a weighted average of a basket of foreign currencies, and it can be viewed as an overall measure of the country's external competitiveness. A nominal effective exchange rate (NEER) is weighted with the inverse of the asymptotic trade weights. A real effective exchange rate (REER) adjusts NEER by appropriate foreign price level and deflates by the home country price level.<sup id="cite_ref-Erlat,_Guzin_and_Arslaner,_Ferhat_18-1" class="reference"><a href="#cite_note-Erlat,_Guzin_and_Arslaner,_Ferhat-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Compared to NEER, a GDP weighted effective exchange rate might be more appropriate considering the global investment phenomenon. </p> <div class="mw-heading mw-heading2"><h2 id="Parallel_exchange_rate">Parallel exchange rate</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=13" title="Edit section: Parallel exchange rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In many countries there is a distinction between the official exchange rate for permitted transactions within the country, and a <b>parallel exchange rate</b> (or <a href="/wiki/Black_market#Currency" title="Black market">black market</a>, grey, unregulated, unofficial, etc. exchange rate) that responds to excess demand for foreign currency at the official exchange rate. The degree by which the parallel exchange rate exceeds the official exchange rate is known as the parallel premium.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Unofficial transactions of this nature may be illegal. </p> <div class="mw-heading mw-heading2"><h2 id="Economic_models">Economic models</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=14" title="Edit section: Economic models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Uncovered_interest_rate_parity_model">Uncovered interest rate parity model</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=15" title="Edit section: Uncovered interest rate parity model"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Interest_rate_parity#Uncovered_interest_rate_parity" title="Interest rate parity">Interest rate parity § Uncovered interest rate parity</a></div> <p><a href="/wiki/Interest_rate_parity#Uncovered_interest_rate_parity" title="Interest rate parity">Uncovered interest rate parity</a> (UIRP) states that an appreciation or depreciation of one currency against another currency might be neutralized by a change in the interest rate differential. If US interest rates increase while Japanese interest rates remain unchanged then the US dollar should depreciate against the Japanese yen by an amount that prevents <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> (in reality the opposite, appreciation, quite frequently happens in the short-term, as explained below). The future exchange rate is reflected into the forward exchange rate stated today. In our example, the <a href="/wiki/Forward_exchange_rate" title="Forward exchange rate">forward exchange rate</a> of the dollar is said to be at a discount because it buys fewer Japanese yen in the forward rate than it does in the <a href="/wiki/Spot_price" class="mw-redirect" title="Spot price">spot rate</a>. The yen is said to be at a premium. </p><p>UIRP showed no proof of working after the 1990s. Contrary to the theory, currencies with high interest rates characteristically appreciated rather than depreciated on the reward of the containment of <a href="/wiki/Inflation" title="Inflation">inflation</a> and a higher-yielding currency. </p> <div class="mw-heading mw-heading3"><h3 id="Balance_of_payments_model">Balance of payments model</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=16" title="Edit section: Balance of payments model"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The balance of payments model holds that foreign exchange rates are at an equilibrium level if they produce a stable Current account (balance of payments)current account balance. A nation with a trade deficit will experience a reduction in its foreign exchange reserves, which ultimately lowers (depreciates) the value of its currency. A cheaper (undervalued) currency renders the nation's goods (exports) more affordable in the global market while making imports more expensive. After an intermediate period, imports will be forced down and exports to rise, thus stabilizing the trade balance and bring the currency towards equilibrium. </p><p>Like purchasing power parity, the balance of payments model focuses largely on tradeable goods and services, ignoring the increasing role of global capital flows. In other words, money is not only chasing goods and services, but to a larger extent, financial assets such as <a href="/wiki/Stock" title="Stock">stocks</a> and <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>. Their flows go into the <a href="/wiki/Capital_account" title="Capital account">capital account</a> item of the balance of payments, thus balancing the deficit in the current account. The increase in capital flows has given rise to the asset market model effectively. </p> <div class="mw-heading mw-heading3"><h3 id="Asset_market_model">Asset market model</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=17" title="Edit section: Asset market model"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> and <a href="/wiki/Net_capital_outflow" title="Net capital outflow">Net capital outflow</a></div> <p>The increasing volume of trading of financial assets (stocks and bonds) has required a rethink of its impact on exchange rates. Economic variables such as <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a>, <a href="/wiki/Inflation" title="Inflation">inflation</a> and <a href="/wiki/Productivity" title="Productivity">productivity</a> are no longer the only drivers of currency movements. The proportion of foreign exchange transactions stemming from cross border-trading of financial assets has dwarfed the extent of currency transactions generated from trading in goods and services.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>The asset market approach views currencies as asset prices traded in an efficient financial market. Consequently, currencies are increasingly demonstrating a strong <a href="/wiki/Correlation" title="Correlation">correlation</a> with other markets, particularly <a href="/wiki/Stock" title="Stock">equities</a>. </p><p>Like the <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a>, money can be made (or lost) on trading by investors and speculators in the <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange market</a>. Currencies can be traded at spot and <a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">foreign exchange options</a> markets. The <a href="https://en.wiktionary.org/wiki/spot_market" class="extiw" title="wiktionary:spot market">spot market</a> represents current exchange rates, whereas options are <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> of exchange rates. </p> <div class="mw-heading mw-heading2"><h2 id="Manipulation_of_exchange_rates">Manipulation of exchange rates</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=18" title="Edit section: Manipulation of exchange rates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A country may gain an advantage in <a href="/wiki/International_trade" title="International trade">international trade</a> if it <a href="/wiki/Market_manipulation" title="Market manipulation">controls the market</a> for its currency to keep its value low, typically by the national <a href="/wiki/Central_bank" title="Central bank">central bank</a> engaging in <a href="/wiki/Open_market_operation" title="Open market operation">open market operations</a> in the foreign exchange market, or through preventing the exchange of foreign currency for domestic notes. The <a href="/wiki/Renminbi#Value" title="Renminbi">People's Republic of China</a> has been periodically accused of exchange rate manipulation, notably by <a href="/wiki/Donald_Trump" title="Donald Trump">Donald Trump</a> during his successful campaign for the US presidency.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>Other nations, including <a href="/wiki/Icelandic_kr%C3%B3na" title="Icelandic króna">Iceland</a>, <a href="/wiki/Japanese_yen#Post-bubble_years" title="Japanese yen">Japan</a>, <a href="/wiki/Brazilian_real#History" title="Brazilian real">Brazil</a>, and so on have had a policy of maintaining a low value of their currencies in the hope of reducing the cost of exports and thus bolstering their economies. A lower exchange rate lowers the price of a country's goods for consumers in other countries, but raises the price of imported goods and services for consumers in the low value currency country.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>This practice is known as "modern mercantilism", namely lowering the exchange rate below its real and fair price, to increase the competitiveness of trade and exports, and encourage economic growth.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Rodrik said that this practice was quite effective in encouraging economic growth in developing countries but at the expense of other deficit countries.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>In general, exporters of goods and services will prefer a lower value for their currencies, while importers will prefer a higher value. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exchange_rate&action=edit&section=19" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output 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title="Dynamic currency conversion">Dynamic currency conversion</a></li> <li><a href="/wiki/Effective_exchange_rate" title="Effective exchange rate">Effective exchange rate</a></li> <li><a href="/wiki/Euro_calculator" title="Euro calculator">Euro calculator</a></li> <li><a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">Foreign exchange fraud</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centre</a></li> <li><a href="/wiki/Functional_currency" title="Functional currency">Functional currency</a></li> <li><a href="/wiki/Telegraphic_transfer" title="Telegraphic transfer">Telegraphic transfer</a></li> <li><a href="/wiki/USD_Index" class="mw-redirect" title="USD Index">USD Index</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index of economics articles</a></li> <li><a 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a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFFriedenLakeSchultz2019" class="citation book cs1">Frieden, Jeffry A.; Lake, David A.; Schultz, Kenneth A. (2019). <i>World politics: interests, interactions, institutions</i> (4th ed.). New York: W.W. Norton & Company. p. 395. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-64449-4" title="Special:BookSources/978-0-393-64449-4"><bdi>978-0-393-64449-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=World+politics%3A+interests%2C+interactions%2C+institutions&rft.place=New+York&rft.pages=395&rft.edition=4th&rft.pub=W.W.+Norton+%26+Company&rft.date=2019&rft.isbn=978-0-393-64449-4&rft.aulast=Frieden&rft.aufirst=Jeffry+A.&rft.au=Lake%2C+David+A.&rft.au=Schultz%2C+Kenneth+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExchange+rate" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedenLakeSchultz2019" class="citation book cs1">Frieden, Jeffry A.; Lake, David A.; Schultz, Kenneth A. 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Norton & Company. pp. 394–395. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-64449-4" title="Special:BookSources/978-0-393-64449-4"><bdi>978-0-393-64449-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=World+politics%3A+interests%2C+interactions%2C+institutions&rft.place=New+York&rft.pages=394-395&rft.edition=4th&rft.pub=W.W.+Norton+%26+Company&rft.date=2019&rft.isbn=978-0-393-64449-4&rft.aulast=Frieden&rft.aufirst=Jeffry+A.&rft.au=Lake%2C+David+A.&rft.au=Schultz%2C+Kenneth+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExchange+rate" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'SullivanSteven_M._Sheffrin2003" class="citation book cs1">O'Sullivan, Arthur; Steven M. Sheffrin (2003). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161220014709/https://www.savvas.com/index.cfm?locator=PSZu4y&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbSubSolutionId=&PMDbCategoryId=815&PMDbSubCategoryId=24843&PMDbSubjectAreaId=&PMDbProgramId=23061"><i>Economics: Principles in action</i></a>. Upper Saddle River, New Jersey 07458: Prentice Hall. p. 458. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-063085-3" title="Special:BookSources/0-13-063085-3"><bdi>0-13-063085-3</bdi></a>. Archived from <a rel="nofollow" class="external text" href="https://www.savvas.com/index.cfm?locator=PSZu4y&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbSubSolutionId=&PMDbCategoryId=815&PMDbSubCategoryId=24843&PMDbSubjectAreaId=&PMDbProgramId=23061">the original</a> on 2016-12-20<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-12-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+action&rft.place=Upper+Saddle+River%2C+New+Jersey+07458&rft.pages=458&rft.pub=Prentice+Hall&rft.date=2003&rft.isbn=0-13-063085-3&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Steven+M.+Sheffrin&rft_id=https%3A%2F%2Fwww.savvas.com%2Findex.cfm%3Flocator%3DPSZu4y%26PMDbSiteId%3D2781%26PMDbSolutionId%3D6724%26PMDbSubSolutionId%3D%26PMDbCategoryId%3D815%26PMDbSubCategoryId%3D24843%26PMDbSubjectAreaId%3D%26PMDbProgramId%3D23061&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExchange+rate" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location (<a href="/wiki/Category:CS1_maint:_location" title="Category:CS1 maint: location">link</a>)</span></span> </li> <li id="cite_note-:1-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedenLakeSchultz2019" class="citation book cs1">Frieden, Jeffry A.; Lake, David A.; Schultz, Kenneth A. 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Archived from <a rel="nofollow" class="external text" href="http://www.jed.or.kr/full-text/23-2/yiheyis.PDF">the original</a> <span class="cs1-format">(PDF)</span> on 9 April 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Development&rft.atitle=The+Economic+Determinants+of+the+Parallel+Currency+Premium%3A+Evidence+from+Select+African+Countries&rft.volume=23&rft.issue=2&rft.date=1998-12&rft.au=Zelealem+Yiheyis&rft_id=http%3A%2F%2Fwww.jed.or.kr%2Ffull-text%2F23-2%2Fyiheyis.PDF&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExchange+rate" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://faculty.haas.berkeley.edu/lyons/docs/bookch1.pdf">The Microstructure Approach to Exchange Rates, Richard Lyons, MIT Press</a> (pdf chapter 1)</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/8566597.stm">"China denies currency undervalued"</a> article on BBC News on Sunday, 14 March 2010</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2010/10/04/world/04currency.html">"More Countries Adopt China’s Tactics on Currency"</a> article by David E. Sanger and Michael Wines in <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> October 3, 2010, accessed October 4, 2010</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRahman2021" class="citation book cs1">Rahman, Abdurrahman Arum (2021-12-13). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=MGxUEAAAQBAJ"><i>Initiating a True International Currency</i></a> (3rd ed.). Jakarta: Global Currency Initiative. pp. 42–49.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Initiating+a+True+International+Currency&rft.place=Jakarta&rft.pages=42-49&rft.edition=3rd&rft.pub=Global+Currency+Initiative&rft.date=2021-12-13&rft.aulast=Rahman&rft.aufirst=Abdurrahman+Arum&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DMGxUEAAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExchange+rate" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRodrik2008" class="citation journal cs1">Rodrik, Dani (September 2008). <a rel="nofollow" class="external text" href="https://muse.jhu.edu/article/261232">"The Real Exchange Rate and Economic Growth"</a>. <i>Brookings Papers on Economic Activity</i>. <b>2008</b> (2): 365–412. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1353%2Feca.0.0020">10.1353/eca.0.0020</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1533-4465">1533-4465</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Brookings+Papers+on+Economic+Activity&rft.atitle=The+Real+Exchange+Rate+and+Economic+Growth&rft.volume=2008&rft.issue=2&rft.pages=365-412&rft.date=2008-09&rft_id=info%3Adoi%2F10.1353%2Feca.0.0020&rft.issn=1533-4465&rft.aulast=Rodrik&rft.aufirst=Dani&rft_id=https%3A%2F%2Fmuse.jhu.edu%2Farticle%2F261232&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExchange+rate" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External 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