![]() The major currency pairs that are traded include the EUR/USD, USD/JPY, GBP/USD, and USD/CHF. The price at which one currency can be exchanged for another currency is called the foreign exchange rate. In this process the value of one currency (base currency) is determined by its comparison to another currency (counter currency). Trading of currency in the forex market involves the simultaneous purchase and sale of two currencies. The currency market is open 24 hours a day, five days a week, with all major currencies traded in all major financial centers. Moreover, there is no central marketplace for the exchange of currency in the forex market. It is the most liquid among all the markets in the financial world. The forex market is the world’s largest financial market where trillions are traded daily. ![]() The foreign exchange market or forex market is the market where currencies are traded. ![]() ![]() ![]() Rajesh Kumar, in Strategies of Banks and Other Financial Institutions, 2014 5.3.5 Foreign Exchange Market and Instruments ![]()
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