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Currency Converter

Last Updated : 03 Jun, 2024
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This currency converter allows you to check the latest average bid/ask rates for major world currencies. Our rates are sourced from leading market data contributors.

About Currency Converter:

  1. Real-Time Exchange Rates: Stay up-to-date with live mid-market rates for over 180 global currencies, precious metals, and even cryptocurrencies. Our data is sourced from reliable financial institutions, ensuring accuracy and reliability.
  2. User-Friendly Interface: Our intuitive design makes it easy for both beginners and seasoned traders to navigate. Enter your desired currency pair, and voilà! Instant conversion results.
  3. Historical Data: Dive into historical exchange rates to analyze trends, track fluctuations, and make informed decisions. Whether you’re a traveler, investor, or researcher, our historical data is a valuable resource.
  4. Customizable Tools: Personalize your experience by selecting your preferred base currency, setting alerts for rate changes, and accessing handy calculators for quick conversions.
  5. Educational Resources: Not sure how currency markets work? Fear not! CurrencyXchange provides educational articles, FAQs, and expert insights to demystify the world of forex.

What is Currency?

Currency is a widely accepted medium of exchange used to buy goods and services in an economy. It has been in use for at least 3,000 years. Before currency, people likely used bartering to exchange goods and services without using money. Throughout history, the currency has taken many forms, such as coins, gold and silver, squirrel pelts, 8-ton carved limestone rocks, salt, knives, cowrie shells, stamps, potato mashers, peppercorns, tea bricks, and cheese.

Important Key Terms

Below is a short list of some of the important terms pertinent to foreign currency exchange.

  1. Currency Codes: These are three-letter codes that represent specific currencies. For example, USD stands for the US Dollar, and EUR represents the Euro.
  2. Currency Pair: In foreign exchange (FX) quotations, a currency pair consists of two currencies. For instance, USD/EUR represents the exchange rate between the US Dollar and the Euro.
  3. Base Currency: The first currency listed in a currency pair. Its value is always 1 unit of that currency. For example, in USD/EUR, the US Dollar (USD) is the base currency.
  4. Quote Currency: The second currency listed in a currency pair. It indicates how much of the quote currency is needed to buy one unit of the base currency. In USD/EUR, the Euro (EUR) is the quoted currency.
  5. Exchange Rate: This is the value of one currency expressed in terms of another. It determines how much of one currency you’ll get in exchange for another.
  6. Bid vs. Ask: The bid price is what buyers are willing to pay for a currency, while the ask price is what sellers are asking for it. The difference between these two prices is called the spread.
  7. Spot Rate/Trade: The current market rate for immediate currency exchange. It’s the rate at which currencies are traded instantly.

How to Use Currency Converter?

  • Enter Amount: Input the value you want to convert.
  • Select Currencies: Choose the source and target currencies from the dropdowns.
  • View Result: Instantly see the converted amount.

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