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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. 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.both are "other"), market convention is to use the fixed currency which gives an exchange rate greater than 1.000.This reduces rounding issues and the need to use excessive numbers of decimal places.These potential matches are always selected in accordance with your stated preferences and geographical location.
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There are some exceptions to this rule: for example, the Japanese often quote their currency as the base to other currencies.
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