Foreign Exchange Rate
ICSE · Class 12 · Economics
Flashcards for Foreign Exchange Rate — ICSE Class 12 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is foreign exchange?
Answer
Foreign exchange means all currencies other than the domestic currency of a country. For India, US Dollar, British Pound, Kuwaiti Dinar, Pakistani Rupee, and other foreign currencies are foreign excha…
What is the rate of exchange?
Answer
The rate of exchange is the price at which one currency is exchanged for another currency. It shows the value of one currency stated in terms of another currency. Example: $1 = ₹60 or ₹1 = 1/60.
What does foreign exchange rate show about a currency?
Answer
Foreign exchange rate shows the external value of a currency. It expresses how much of another currency can be obtained for one unit of a currency.
Define depreciation of a currency.
Answer
Depreciation is a fall in the free market value of domestic currency in terms of foreign currency under a flexible exchange rate system. It happens due to market forces, not government action. Example…
Define appreciation of a currency.
Answer
Appreciation is a rise in the free market value of domestic currency relative to foreign currencies under a flexible exchange rate system. It happens due to market forces. Example: $1 = ₹62 changes to…
What is devaluation?
Answer
Devaluation is a government action to decrease the value of domestic currency relative to foreign currencies under a fixed exchange rate system. Example: $1 = ₹60 changes to $1 = ₹62 through official …
What is revaluation?
Answer
Revaluation is the official action of the government to appreciate the external value of its currency under a fixed exchange rate system. Example: $1 = ₹60 changes to $1 = ₹55 through official action.
Differentiate depreciation and devaluation.
Answer
Depreciation is a market-driven fall in the value of domestic currency under flexible exchange rates. Devaluation is a deliberate government action to reduce the value of domestic currency under fixed…
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