The open market currency rates and inter-bank currency rates are both used to determine the value of one currency relative to another, but they differ in the way they are determined and used. Open market currency rates, also known as retail rates or cash rates, are the rates at which individuals and small businesses can […]
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Currency exchange rates are important for several reasons: International trade: When countries trade with each other, they typically use different currencies. Exchange rates determine the value of one currency relative to another and affect the cost of imported goods and the revenue earned from exports. A country with a weak currency may find it difficult
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