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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.
DEFINITION of 'Exchange Rate'. The price of a nationâs currency in terms of another currency. An exchange rate thus has two components, the domestic currency and a foreign currency, and can be quoted either directly or indirectly.In a direct quotation, the price of a unit of foreign currency is expressed in terms of the domestic currency.n exchange rate that does not have the domestic currency as one of the two currency components is known as a cross currency, or cross rate. Also known as a currency quotation, the foreign exchange rate or forex rate.