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the rate at which one currency is exchanged for another, the price of a country's monetary unit expressed in foreign currency. Distinguish: flexible (floating) rate, established as a result of market fluctuations, in a free market for the sale of currency; nominal - the rate calculated as the ratio of the value of two currencies; a fixed rate in the form of an exchange ratio firmly established by the state; the real exchange rate, which reflects the commodity ratio of currencies, that is, the ratio of prices for the same goods, expressed in different currencies.
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