definition of exchange ratethe exchange rate is, Macroeconomics

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definition of exchange ratethe exchange rate is

Definition of Exchange rate

The exchange rate is stated as the price of one unit of currency in terms of other currency. If one euro costs 1.5 USD then 1 USD costs 1/1.5 = 0.667 euro. If exchange rate is stated in terms of euro (for instance, 1.5 USD/euro) then euro is known as the base currency or the unit currency.

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