Keep An Eye On The Currency Exchange Market And Save Money When You Travel
Monitoring the currency exchange rate is very important if youre planning to go on a vacation and would like to stay within your set budget and save money. Let us understand what exactly currency exchange rate means. In general, depending on the US dollar, most of the other currencies are calculated in value and are either more or less than the value of the US dollar. For example, a Canadian dollar would be worth around 85 percent of the US dollar. Similarly, the British Pound is worth two US dollars. However, owing to the fluctuating market conditions, one day the British Pound could be worth two dollars while on the next, it could be worth more than two dollars.
There are two types of currencies free floating and pegged. A currency that is determined by the government of the country in relation to the another currency is called a pegged currency. Inthe 1980s, the Hong Kong dollar was fixed with respect to the US dollar. On the other hand, a free-floating currency is permitted to change in value with respect to all other currencies in the foreign exchange market. When referring to...
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