foreign exchange


foreign exchange
1. commercial paper drawn on a person or corporation in a foreign nation.
2. the process of balancing accounts in commercial transactions between business organizations of different nations.
[1685-95]

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Purchase or sale of one national currency in exchange for another nation's currency, usually conducted in a market setting.

Foreign exchange makes possible international transactions such as imports and exports and the movement of capital between countries. The value of one foreign currency in relation to another is defined by the exchange rate.

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Universalium. 2010.

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