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What is the Exchange Rate System?
An exchange rate can be counted in term of price according to which the price of a nation’s currency is in terms of another currency. The exchange rate can be dissected into two different components called the foreign currency and the domestic currency. There are also two types of quotations involved in the system.
Inform of direct quotation, the price of a unit of foreign currency is expressed in terms of domestic currency and vice versa in case of an indirect quotation. In an exchange rate system, there are two forms of currency called the base and the counter currency. In a direct quotation, the foreign currency is the base and the domestic currency is the counter and just as opposite in case of indirect quotation.
There are mainly two considerations when it comes to exchange rate.
- Floating exchange rate
A floating exchange rate is where the unit of the currency is determined by the forces in the market.
- Fixed exchange rate
A fixed exchange rate is where the unit of currency is already fixed by the government.
What are the features of the exchange rate?
There are certain features attached to the exchange rate system of any nation. Here they are, listed in following points below.
- The exchange rate will always fluctuate due to the stronger and weaker of currency. If the currency rate of any nation is strong at 2016 then the exchange rate will always differ from the previous year’s rate. This also proves the appreciation and depreciation of the currency value.
- The exchange rate is highly affected by the Balance of Payments and the trades in the international market. It is also affected by the fiscal policy as well as the economic growth of any nation. If there is a negative structure in the Balance of Payments of any nation then the exchange rate will also depreciate.
- The exchange rate can be of two different types called the buying and the selling exchange rate. Both rates can or cannot be equal depending on the structure of the market forces and other economic conditions.
What are the advantages of the exchange rate?
The exchange rate is a system which determines the value of a currency in the market. Here are some of its advantages given below in listed points.
- If there is a fixed exchange rate system in the market then the firm will be certain about their trading and income from them.
- Due to a fixed exchange rate system in the market, there will be an elimination of trade speculation.
- The government maybe unable to pursue a restricted policy against trade practices in the market with a fixed exchange rate.
- Central bank invasions can be less when there is a fixed exchange rate regime.
- Floating exchange rate do not require any monetary funds to govern the cash in the nation. The rule is simple in case of floating exchange rate system.
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