Currency exchange refers to the process of converting one currency into another at a specified exchange rate. This practice is essential in global trade and finance, allowing individuals and businesses to conduct transactions in different currencies. Currency exchange can occur through various methods, including banks, currency exchange offices, or online platforms. The exchange rate is determined by supply and demand dynamics in the foreign exchange market, influenced by factors such as interest rates, economic stability, and geopolitical events. Currency exchange is crucial for travelers, importers, exporters, and investors, enabling them to navigate international financial transactions.
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