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Find the answers to common questions about currency and foreign exchange
What is currency?
Most commonly, the word currency can refer to any form of money used in circulation throughout the public. Today, most currencies usually contain both coins (hard money) and paper (soft money). It is generally issued and maintained by a governing authority and is known as 'fiat' money.
What is foreign currency?
A sales tax calculator is useful if you itemize your deductions and claim overpaid taxes on your tax returns. The only thing to remember about claiming sales tax and tax forms is to save every receipt for every purchase you intend to claim.
What is foreign exchange?
Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the euro. Foreign exchange transactions can take place on the foreign exchange market, also known as the Forex Market.
Why is foreign exchange important?
Foreign exchange is important for one major reason: it determines the value of foreign investment. A volatile exchange rate discourages foreign investment, as does a high, stable one. A low, stable exchange rate, however, encourages foreign investment, but at the price of the low-valued currency's economy.
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