Oanda currency converter english3/11/2023 ![]() ![]() However, there can be various economic and political factors that affect the demand and supply mechanism of the currency. If the demand for a currency is higher than its supply, the currency will become costlier and vice versa. In simple economic terms, the exchange rate simply works on demand and supply mechanism. Currency exchange rates also represent the relative economic strength of a country in the international markets. How do exchange rates work?Įxchange rates basically represent the value of one currency in terms of some other currency. You can simply visit BookMyForex Currency Rate Card page and see forex rates of all the major currencies of the world live including the live rates of the US dollar. So for example, if you have placed an order at BookMyForex to load your forex card by $1000 at a particular exchange rate, your card will be added with the same value at the same cost irrespective of the further fluctuations that may happen on USD to INR exchange rate. When you complete your forex rate transaction the prevailing exchange rate gets locked in and your foreign exchange gets delivered to you on that locked-in exchange rate irrespective of how the forex rates move thereafter. However, you can save yourself from such complexities by locking in your transaction. What is the locked-in exchange rate?Ĭurrency exchange rates keep on fluctuating all across the day based on supply and demand factors of the currency. Further, you can check the live currency exchange rate online and lock your transaction at a particular exchange rate. On the other hand, if you buy or sell your foreign exchange online through a trusted source such as BookMyForex, it not only saves you money but also provides you with the benefit of executing your transaction from the comfort of your home. However, it may cost you higher because of inherent fixed costs involved with these foreign exchange avenues. Though you can buy foreign currency from multiple places such as from the nearest bank, local foreign exchange vendor or even airports. So if you want to buy Canadian dollars by loading your forex card, you can check the buy rates of Canadian dollars in prepaid forex card ( CAD-INR) section of the currency rate card which reflects the live exchange rates. A currency rate card basically shows the buy and sell rates of various currencies in terms of home currency for each mode of transaction. However, you can execute the buy/sell transactions through various modes such as cash, forex card, traveller’s cheques or wire transfers. What is the currency rate card?Ĭurrency can be either bought or sold in the forex exchange rate market. Currency exchange rates or Forex Rates also represent the relative economic strength of a country in the international markets. So if suppose you want to buy a US Dollar, the amount of rupees that you need to pay to buy a US Dollar would be called as USD to INR exchange rate. ![]() This article aims to explain concepts related to exchange rates in India along with the currency rate card What is the exchange rate or forex rates?Įxchange rates basically represent the value of one currency in terms of some other currency. So if you want to check British Pound rate in India in terms of Indian Rupee, you can check the live rates by visiting the currency rate card. The information on this site is not directed at residents of countries where its distribution, or use by any person, would be contrary to local law or regulation.A currency rate card basically reflects buy or sell rates of various currencies in terms of the home currency. CFDs, MT4 hedging capabilities and leverage ratios exceeding 50:1 are not available to US residents. Refer to our legal section here.įinancial spread betting is only available to OANDA Europe Ltd customers who reside in the UK or Republic of Ireland. Trading through an online platform carries additional risks. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Information on this website is general in nature. You may lose more than you invest (except for OANDA Europe Ltd retail customers who have negative balance protection). We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. All other trademarks appearing on this Website are the property of their respective owners. "OANDA", "fxTrade" and OANDA's "fx" family of trademarks are owned by OANDA Corporation. ![]()
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