The conversion of one country’s currency into that of another country is known as foreign exchange or Forex. A country’s currency is valued based on market demand in a free economy. The value of a country’s currency can also be based on another country’s currency and more. Scotiabank is a financial institution able to help with currency exchange.
When the time is taken to study the role of the Forex market in a country’s economy, its importance is evident. The currency exchange market is an important part of meeting the needs of importers, exporters as well as travelers. Investors need the Forex market to make certain types of investments overseas and more.(more…)