Need for Foreign Exchange


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Meaning:

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The term ‘foreign exchange’ is, generally used to refer to foreign currencies. But the foreign exchange is also used to refer to the mechanism by which the curreny of one country is converted into the currency of another country.

 

Need for Foreign Exchange:

In the case of foreign trade, there is trade between one country and another. Each country has its own currency. So, for the settlement of foreign trade transactions, the currency of one country is required to be exchanged for the currency of another country.

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We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

42 Comments

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