Definition of exchange rates?
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ansell
Apprentice
Joined: 24 Sep 2006
Posts: 4
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 Posted: 06/02/08 - 07:21 Post subject: |
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| Hi everyone. I am hoping that you can tell me a bit more about official exchange rates. I am basically looking for a definition of what this means. It seems so obvious but I just can't seem to be able to come up with a normal definition. Can you? It would certainly help me out. |
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fernande
Apprentice
Joined: 20 Dec 2004
Posts: 2
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| Posted: 07/01/08 - 22:32 Post subject: |
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| When you sell a certain amount of one currency to get another, the amounts of the other currency which you will get can vary significantly. This is due to variations in the exchange rate. It is basically how much you have to pay to get your hands on a certain currency. |
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