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How does the currency exchange rate work?
Asked by unknown
1 Answers
These rates are usually pegged to the U.S. dollar. Their central banks have enough money in their foreign currency reserves to control how much their currency is worth. To keep the exchange rate fixed, the central bank holds U.S. dollars. It also increases the supply of dollars, sending its value down.
How do you calculate exchange rates?
Asked by unknown
1 Answers
To calculate the percentage discrepancy, take the difference between the two exchange rates, and divide it by the market exchange rate: 1.12 - 1.0950 = 0.025/1.0950 = 0.023. Multiply by 100 to get the percentage markup: 0.023 x 100 = 2.23%. A markup will also be present if converting U.S. dollars to Canadian dollars.
How do I manually convert euros to dollars?
Asked by unknown
1 Answers
Calculator: 1) Decide how much Euro currency you want to convert. 2)Visit the Exchange Rates website to find out the exchange rate for the current day. 3)Multiply the number of Euro currency you have by the U.S. dollar currency rate. 4)Visit a local currency exchange or bank to exchange the Euros to U.S. dollars.