Top9 Major World Currency Payments of 2014
The currency exchange rate is the rate at which one currency can be exchanged for another.
Trade is the buying and selling of goods and service.
The foreign exchange (FOREX) market is the "place" where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business.
A French tourist in Egypt can't pay in Euros to see the pyramids because it's not the locally accepted currency. As such, the tourist has to exchange the EURO for the local currency, the french tourist would have to exchange the equivalent value of French EURO into Egiptian pound in this case the Egyptian pound, at the current exchange rate.
FOREX is always quoted in pairs like the EUR/USD(this represent no of US dollors on European pound can puchase).Exchange rates fluctuate based on economic factors like inflation(rise in price of goods and services), industrial production and geographical and political events. These factors will influence whether you buy or sell a currency pair.
1. USD US Dollar
The US dollar is the currency of United States. Currency symbol is $.It attained its no.1 position in 2014 from EURO due to Govt. decisions on private sectors .The inflation rate is low in this academic year. EURO/USD is 1.2229
2. EURO European Pound
The Euro (sign: €; code: EUR) is the currency used by the countries of the Europe .EURO has sustained its forex rate in this year due to the reason that govt. allowed private companies to invest in government sector.
3. British pound
British sterling pound (GBP) is used by England, Great britain Northern iReland , scotland, wales.It stands third in world currencies payments. INR( indian rupee)/GBP is 98.445
4. Japanese Yen
The Japanese Yen is the currency of Japan. The currency code for Yen is JPY, and the currency symbol is ¥.JPY exchange rate JPY/USD is 119.550. Its forex is quite appreciable this year. The Tsunami effected inflation has come down .
5. Australian Dollar
The Australian Dollar is the currency of Australia. Its symbol is $. Australia retained its consistency .This year it retained by the new prime minister. The exchange rate is AUD/INR is 0.01918.
6. Canadian Dollar
The Canadian Dollar is the currency of Canada. Canadian Dollor is Falling most since 2011.The economic expectations has fallen in the present government. exchange rate is CAD/INR 0.0183
7. Chinese Yuan
The Chinese Yuan Renminbi is the currency of China. The currency code for Yuan Renminbi is CNY, and the currency symbol is ¥. Chinese Yuan retained its position after increasing its position in 2011.Exchange rate is CNY/USD is 6.22245.
8. Swiss Franc
The Swiss Franc is the currency of Switzerland .The currency code for Francs is CHF. Due to the investigation on black money countries like India its GDP has come down this year .the Exchange rate is INR/CHF is 640225 ,CHR/USD is 0.8308
9. Hong Kong Dollar
The Hong Kong Dollar is the currency of Hong Kong. The currency code for Dollars is HKD, and the currency symbol is HK$. the Hongkong economy expanded by 204% of GDP this year. Its palce is in the same position for last three years. the exchange rate is INR/HKD is 8.0175
,HKD/USD is 7.8522.It is clear that Indian rupee(INR) has nearly equal currency value with Hong Kong Dollar.
No comments