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The value of one country's currency expressed in terms of another. For example, the dollar might be quoted at 100 yen per dollar or 1.3 euros per dollar. Also referred to as the foreign exchange rate, the forex rate or the FX rate. Daily global foreign exchange market turnover was put at $3.2 trillion dollars in April 2007 by the Bank for International Settlements (BIS).
See also: Base Currency, Quoted Currency, Purchasing Power Parity