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In finance, an exchange rate (also known as a foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one countryâs currency in terms of another currency. For example, an interbank exchange rate of 119 Japanese yen (JPY, Â¥) to the United States dollar (US$) means that Â¥119 will be exchanged for each US$1 or that US$1 will be exchanged for each Â¥119.
According to the Bank for International Settlements, average daily forex trading in April 2016 (most recent data available) was $5.1 trillion. Of this, spot trading made up $2.6 trillion. The rest was trading in foreign exchange derivatives. Aprilâs trading is down slightly from the record $5.4 trillion traded in April 2013. Thatâs a result of a slowdown in the spot trading market. In 2010, forex trading was $4.4 trillion traded per day. In 2007, the pre-recession high hit $3.2 trillion traded per day. But forex trading kept growing right through the 2008 financial crisis. This was up 30 percent In 20014, only $2 trillion was traded per day traded. How Does Forex Trading Work? All currency trades are done in pairs. Every traveler who has gotten foreign currency has done forex trading. For example, when you go on vacation to Europe, you exchange dollars for euros at the going rate. When you come back, you exchange your euros back into dollars. About one-third of all exchanges are spot trades.