Exchange rates ensure that countries can fairly trade goods for currency and it is why countries need exchange rates for international trade.
How do you define the exchange rate?
The exchange rate is the price at which one currency will be exchanged for another and is generally used in finance. The majority of the time, currencies are national ones, but they can also be supra-national ones like the euro or sub-national ones like Hong Kong.
A unit of foreign currency is valued in terms of the local currency at the exchange rate. For instance, the value of one US dollar in peso equivalent is the traditional way to express the exchange rate in the Philippines. However, the United States Court of Appeals hears disputes regarding cases of currency rates. The cost of a country's currency relative to another currency is what is known as the exchange rate.
To learn more about United States Court of Appeals , visit:
https://brainly.com/question/14653645
#SPJ1
