An exchange rate is simply the rate at which one currency is converted to another.
Spot exchange rates change daily as determined by the relative demand for and supply of different currencies.
Which of the following pairs correctly matches the country with its currency?
a. South Korea, the pound.
b. France, the deutsche mark.
c. Japan, the yen.
d. Great Britain, the franc.
The IMF helped several Asian countries deal with the dramatic decline in the value of their currencies during the Asian financial crisis that started in 1997.
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