Q.What do you mean by FOREX ?
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Start your 14-day free trial to unlock the full solution →FOREX refers to foreign currencies and claims on them used to settle international payments; it is traded in the foreign-exchange market at a price called the exchange rate.
FOREX is the short form of Foreign Exchange. It covers all currencies other than the domestic currency, along with the instruments that represent claims to them — foreign bank balances, foreign bills of exchange, cheques and bank drafts payable abroad.
Because each country has its own currency, international trade and payments require converting one currency into another. This conversion happens in the foreign-exchange market, and the rate at which one currency is exchanged for another is the exchange rate.
Uses of foreign exchange:
- Paying for imports of goods and services. …
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