A currency is a system of money in general use in a particular country. Below are some currencies used by different countries.
An exchange rate is the price of one currency in terms of another currency.
For example, 1 United States Dollar (USD) equals 1.34 Canadian Dollar (CAD). 1 USD = 1.34 CAD
The exchange rate determines how much of one currency has to be given up in order to buy and specific amount of another currency.
2 USD will buy 2. 68 CAD.
3. USD will buy 4.02 CAD
Once you know the exchange rate for one currency to another, you can convert from any currency to another very easily.
It is important to note that the exchange rate of one currency to another can change on a daily basis.
Watch the video below to learn how to convert currencies
Click here to answer questions on the topic.
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