exchange rate
/ɪksˈtʃeɪndʒ reɪt
/(also rate of exchange)
noun
The value of one currency for the purpose of conversion to another: the exchange rate of the dollar against the Deutschmark [as modifier]: exchange rate fluctuations...
- Latvia relies on a strong independent central bank, but shadows its exchange rate to the SDR in a virtual peg.
- To put it simply, if in the U.S. the price of 1kg of potatoes is one dollar and in Europe two euros, then according to the purchasing power framework the currency rate of exchange should be one dollar for two euros.
- The currency board simply issues notes and coins and offers the service of converting local currency into the anchor currency at a fixed rate of exchange.