BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Foreign Exchange is also called as which of the following?
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Domestic Monetary Unit
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Foreign Monetary Unit
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International Monetary Unit
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None of the Above
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Explanation:
Detailed explanation-1: -Foreign exchange, also known as forex, is the conversion of one country’s currency into another. The value of any particular currency is determined by market forces related to trade, investment, tourism, and geopolitical risk.
Detailed explanation-2: -Foreign Exchange Rate is defined as the price of the domestic currency with respect to another currency. The purpose of foreign exchange is to compare one currency with another for showing their relative values.
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