Economics · Economics
What is the definition of the foreign exchange rate?
- 1The rate at which one unit of a country's currency can be exchanged for the currency of another country✓
- 2The rate at which a country's domestic GDP is calculated relative to global inflation
- 3The internal lending rate maintained by the central bank of a country for commercial entities
- 4The rate of tax levied on imported goods from foreign destinations
Correct answer
The rate at which one unit of a country's currency can be exchanged for the currency of another country
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