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Exchange Rates
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The exchange rate between two currencies specifies how much one currency is worth in terms of the other. For example, in a quotation that says the EURUSD exchange rate is 1.4320 dollars per one euro, the base currency is EUR and the quote currency is USD. The currency market is the largest and most liquid financial market in the world. The average daily volume in the forex market was last reported to be over US$ 4 trillion according to the Bank for International Settlement.
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