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Here we discuss about the foreign currency exchange rate. Firstly, we must understand what foreign exchange rate is. Basically, it is the rate at which one currency is converted or exchanged with another currency. For example, we can say that the rate set for Euro to Dollar is 1.09, means 1Euro = 1.09 Dollar, 1 Dollar = Rs.100, and so on. We can use Currency Converter to find out live rates. The value of one currency is increased when the purchasing power of one’s country is increased and vice versa. Every Country has its own currency different from others. There is no common medium of exchange between them. So exchange rate is used to transact between two countries. Exchange rate is determined with help of demand and supply for foreign currencies. The more demand of foreign currency the higher the exchange rate and vice versa. Demand for foreign exchange rate depends upon many factors, the most important of them are Imports of good...

Here is the role of banks (Commercial Banks) in the economic development of the country. Safe Custody of Valuable Documents Bank plays an important role in our economy. We deposit money and get credit from it for various purposes, like we need money to start a new business, purchasing a car, etc. It provides safe deposit and custody of valuable documents. The safe deposit can be possible by opening checking account or credit card for sending and receiving money. Online Banking is also more secure and modern trend for this purpose. You may Read about What is Bank Reconciliation Statement   in banking System . Regulatory System If you want to start a new bank or close the existing one, then you must get the permission from the Government. Govt. makes rules and regulations for the operations of the banking system. Consumers and businesses can make tight check and balance on the performance of the bank towards the economy. Article about Speci...