What is FOREX ?
Foreign exchange is the exchanging of the currency of one country for that of another. This is undertaken using the foreign exchange market, a market that has no physical exchange or trading floor.Deals are conducted by means of electronic trading systems, by telephone or, at the retail level, over a bank’s counters. Users of the market include banks, governments, companies and private individuals. In its present condition FOREX was launched in the 1970s, when free exchange rates were introduced, and only the participants of the market determine the price of one currency against the other proceeding from supply and demand.
Exchange Rate :- The value of one currency relative to another currency as the number of units of one currency required to purchase one unit of the other currency.
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