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Currency Exchange and its Hidden Profits

Do you have assets or liabilities in foreign currencies? Or are you planning a trip abroad this year? In either of these cases, you must pay attention to the currency exchange rate. If you've felt that you paid more for less in a different country recently, it's because of the prevailing currency exchange rate.

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Currency Exchange and its Hidden Profits

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  1. Currency Exchange and its Hidden Profits Do you have assets or liabilities in foreign currencies? Or are you planning a trip abroad this year? In either of these cases, you must pay attention to the currency exchange rate. If you've felt that you paid more for less in a different country recently, it's because of the prevailing currency exchange rate. What is Currency Exchange Rate? The currency exchange rate determines how powerful your country's currency is compared to other countries' currencies. For example, the prevalent USD to CAD exchange rate is 1 USD to 1.32 CAD today. This indicates that the US dollar is stronger compared to the Canadian Dollar. How is it determined? The value of a country’s currency depends on its market demand. Put simply, if more people want to use the US Dollar, its value increases. Further, the dollar's value will increase if its supply is scarce. This system is known as the floating exchange rate regime. ‘ What does this Mean for You? When currency exchange rates fluctuate, they change the value of goods, services and commodities globally. For instance, if the CAD increases by 2 points against the USD, you can buy more goods, services, and commodities from the US by spending lesser CAD. Why is it Important to Track Currency Exchange Rate? Making the most of currency exchange rates is a smart tactic to minimize your costs. Whether you're a businessman or a traveller, taking advantage of favourable currency exchange rates can help you turn more significant profits.

  2. Keeping track of the exchange rate allows you to: •Save money while making imports •Spend less of the currency you are holding •Access better services and commodities in foreign markets at a lower rate •Travel abroad for a lower price •It makes international Money Transfer orders cheaper How to Track Exchange Rate? Currency exchange rates can fluctuate every hour or every day. Keeping track of them can help you maximize revenue on your business and travel plans. Tracking exchange rates regularly involves: •Leverage search engines to gather information daily •Using dedicated applications to read reports and study statistics of exchange rates •Build a business dashboard to monitor fluctuations constantly •Create APIs to facilitate business and banking activities However, this may seem quite the hassle while travelling or running a business. Make the Most of Currency Exchange Rates While currency exchange can benefit you, monitoring it constantly is challenging. That's why we recommend you hire the professionals at Interchange Financial to help you out. With their knowledge and years of expertise in the FOREX market, they can generate alerts and give you the best live quotes on currency exchange rates. Visit their website and maximize your profits today! www.interchangefinancial.com

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