What is foreign exchange deal?
1 answersQuestion asked ( July 28, 2009 , Shopping / Finance )
Is a foreign deal similar to any other contract? If it is not the same, i would like to understand what a foreign exchange deal is?
Answers to : What is foreign exchange deal...
Answer
FX deal is a contract wherein one currency is exchanged for another at a stipulated rate and on an agreed date. The price of one currency in terms of another is called the FX rate.
According to the SWIFT (Society for Worldwide Interbank Financial Telecommunications) payments system which is based in Belgium various currencies of the world are indicated using three letters. SWIFT is jointly owned by over 1000 banks which provide interbank fund transfer facility.
Example- USD is US dollars; GBP is UK sterling; EUR is Euro
Comment to : What is foreign exchange deal?
You are not logged in. Sign up or Log in