USD - Euro
USD - British Pound
USD - Canadian dollar
USD - Japanese yen
USD - Chinese yuan
USD - Swiss franc
US Dollar exchange rates for today October 31st, 2020 .
All currencies quoted against the United States' Dollar (USD base currency)
|Click for Real-time rates||
Spot in USD
|CNY||Chinese yuan renminbi||0.15||6.681|
|HKD||Hong Kong dollar||0.129||7.754|
|KRW||South Korean won||0.001||1131.988|
|NZD||New Zealand dollar||0.666||1.502|
|ZAR||South African rand||0.061||16.273|
|ISK||Icelandic krona - No data.||N/A||
National currencies are vitally important to the way modern economies operate. An exchange rate is how much it costs to exchange one currency for another. Exchange rates fluctuate constantly throughout days and weeks, as currencies are actively traded. This drives the price up and down, similar to other assets such as stocks. To understand the significance of the exchange rate, we must establish some points that we consider of vital importance: The base currency is the term given to the first currency in the pair The currency is the term offsets will gives the second currency in the pair. The exchange rate represents the number of units of currency offsetting a unit of the base currency can buy.
There are two main purposes of exchanging money, for investing pruposes (forex) and for Travel. The foreign exchange market is the market in which foreign currency - such as the yen or euro or pound - is traded for domestic currency - for example, the U.S. dollar. Dealing with money can be complicated at the best of times, but in the rush to get on with your travel, or while you are abroad, exchanging your money can be tricky. This is especially true as there are a number of unfamiliar terms and phrases connected with the foreign currency exchange process.
For centuries, the currencies of the world were backed by gold. But over time, the real world of economics outpaced this system. The U.S. dollar suffered from inflation (its value relative to the goods it could purchase decreased), while other currencies became more valuable and more stable. Now we have two main systems used to determine a currency's exchange rate: floating currency and pegged currency. The market determines a floating exchange rate by determining supply and demand. A pegged, or fixed system, is one in which the exchange rate is set and artificially maintained by the government. Some countries’ governments, instead of floating, “fix” their exchange rate, at least for periods of time, which means that the government’s central bank is an active trader in the foreign exchange market. Many central banks practice “managed floating,” whereby they intervene in the foreign exchange market by “leaning against the wind.”
Exchange Rates: New York Closing Snapshot Find Historical Data | Saturday 31st of October 2020 08:34. VIEW AS SPREADSHEET U.S.-dollar foreign-exchange rates in late New York trading. Type: Currency Group: Major Base: US Dollar Second: Canadian Dollar