Exchange Rate

The exchange rate is the value of one currency in terms of another. It's the rate at which one currency can be exchanged for another.

For example, if the exchange rate between the US dollar and the Japanese yen is 1 USD = 106.45 JPY, then it means that 1 US dollar can be exchanged for 106.45 Japanese yen.

The exchange rate is determined by the forces of demand and supply in the foreign exchange market. The demand and supply of currencies are affected by factors such as economic performance, geopolitical uncertainty, and speculation.