Exchange transactions between two currencies neither of


Exchange transactions between two currencies, neither of which is the U.S. dollar, have to be made by changing one currency into dollars and then changing the dollars into the other currency. This procedure is necessary because the exchange tables are all set up to convert between other currencies and dollars, the world's leading currency. Are these statements true or false? Why? If false, how does the conversion work?

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Exchange transactions between two currencies neither of
Reference No:- TGS01358139

Expected delivery within 24 Hours