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- 7 Foreign Exchange Rate Notes Class 12
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Foreign Exchange Rate Class 12 Notes PDF
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Foreign Exchange Rate Notes Class 12
Concept of Foreign Exchange
Foreign exchange refers to all the currencies of the rest of the world other than the domestic currency of the country. For example, in India, the US dollar is the foreign exchange.
Foreign Exchange Rate
The rate at which one currency is exchanged for another is called Foreign Exchange Rate. n other words, the foreign exchange rate is the price of one currency stated in terms of another currency. For example, if one U.S dollar is exchanged for 60 Indian rupees, then the rate of exchange is 1$ = Rs. 60 or 1 Rs = 1/60 or 0.0166 U.S. dollar.
The foreign exchange market is the market where the national currencies are converted, exchanged, or traded for one another.
Functions of Foreign Exchange Market
- Transfer Function: Transfer function refers to transferring purchasing power among countries.
- Credit Function: It implies the provision of credit in terms of foreign exchange for the export and import of goods and services across different countries of the world.
- Hedging Function: The hedging function pertains to protecting against foreign exchange risks. Where Hedging is an activity that is designed to minimize the risk of loss.
Sources of Demand of Foreign Exchange
The demand (or outflow) for foreign exchange comes from the people who need it to make payments in foreign currencies. It is demanded by the domestic residents for the following reasons:
- Imports of Goods and Services: When India imports goods and services, foreign exchange is demanded to make the payment for imports of goods and services.
- Tourism: Foreign exchange is demanded to meet expenditure incurred in foreign tours.
- Unilateral Transfers Sent Abroad: Foreign exchange is required for making unilateral transfers like sending gifts to other countries.
- Purchase of Assets in Foreign Countries: It is demanded to make payment for the purchase of assets, like land, shares, bonds, etc. in foreign countries.
- Repayment of loans to Foreigners: As and when we have to pay interest and repay the loans to foreign lenders, we require foreign exchange.
- Speculation: Demand for foreign exchange arises when people want to make gains from the appreciation of the currency.