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What Are Exchange Rates?

By Kimberly Amadeo, About.com

Question: What Are Exchange Rates?

Answer: The dollar's exchange rate tells you how much a dollar is worth in a foreign currency, and vice versa. For example, on March 3, 2008, a dollar was worth $.98 Canadian dollars, 7.01 Chinese yuan, and 103.57 Japanese yen. The Euro is normally quoted in terms of its dollar value, for some reason, so one Euro was worth $1.52.

(Source: Federal Reserve Bank of New York web site)

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