The term "exchange rates" refers to the value of one currency in terms of another. Currency exchange rates are complex and either determined by supply and demand forces in the market, or fixed. Supply and demand currency rates (or free-floating) change by the minute, all over the world. Fixed rates are determined by one country's government and stay the same over a period of time. The fastest and easiest way to find out an exchange rate is by checking one of the websites that track the changes daily.
Visit the MSN Money website. Click on the Investing tab at the top of the page.
Click on "Currency Rates" at the left of the screen under the "Markets" section.
Click on the drop-down menu under "Currencies." Choose your currency category.
Click on the drop-down menu labeled "compare to." Choose the currencies to compare.
Hit the "Compare" button. You will see three columns. The first is a list of various currencies. The second two columns are the comparison currencies and their value based on the currencies in the first column.
- Photo Credit Steuern image by Oleg Rosental from Fotolia.com
How to Understand Currency Rates
Currency rates, also known as foreign exchange rates or simply exchange rates, are the rates that tell how much currency you need...