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Foreign exchange means exchange one currency for another at an agreed exchange price on the over-the-counter (OTC) market. Forex is the world's most traded market.
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What is Foreign Exchange Foreign exchange means exchange one currency for another at an agreed exchange price on the over-the-counter (OTC) market. Forex is the world's most traded market.
Forex Exchange Rate Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
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