A foreign currency exchange rate

A foreign currency exchange rate or simply exchange rate, is the price of one country's currency in units of another currency or commodity (typically gold or silver). If the government of a country— for example, Argentina— regulates the rate at which its currency— the peso— is exchanged for other currencies, the system or regime is classified as a fixed or managed exchange rate regime. The rate at which the currency is fixed, or pegged, is frequently referred to as its par value. If the government does not interfere in the valuation of its currency in any way, it is classified the currency as floating or flexible.

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