โ FAQs
How accurate are these exchange rates?โผ
The rates shown are approximate mid-market rates for reference purposes. Actual rates from banks and money transfer services may differ due to fees, spreads, and real-time market fluctuations. Always check with your financial institution for exact rates before making transactions.
What is an exchange rate?โผ
An exchange rate is the price of one currency in terms of another. For example, if 1 USD = 83.5 INR, it means you need 83.5 Indian Rupees to buy 1 US Dollar. Rates fluctuate based on supply & demand, economic factors, and geopolitical events.
Why do rates change constantly?โผ
Exchange rates are affected by: inflation rates, interest rates, trade balances, political stability, economic performance, speculation, and central bank policies. Major currencies like USD, EUR, GBP float freely on forex markets that trade 24/5.
What is the most traded currency?โผ
The US Dollar (USD) is the most traded currency, involved in ~88% of all forex trades. The EUR is second (~32%), followed by JPY (~17%), GBP (~13%), and CNY (~7%). The USD is also the world's primary reserve currency.
What does "buying rate" vs "selling rate" mean?โผ
The buying rate is what a bank pays you when you sell foreign currency. The selling rate is what the bank charges when you buy foreign currency. The difference (spread) is the bank's profit. Mid-market rate is the average between the two.
How many currencies exist in the world?โผ
There are approximately 180 currencies recognized by the UN. However, only about 20-25 currencies account for the vast majority of global trading volume. Some countries share currencies (like the Euro used by 20 EU nations).