Currency and Exchange Rate
Class 10: Mathematics
Currency, Money Exchange and Money Exchange Rate, Chain Rule, Currency Devaluation and Revaluation, Worked out SEE and example questions
Currency
Currency is the official money used in a country to buy goods and services. Every country has its own currency, with its own name and symbol. People use currency in the form of coins and notes.
Currencies of Some Countries
SN | Country | Currency Name | Symbol | |
| 1 | United States | US Dollar | USD | $ |
| 2 | United Kingdom | Pound Sterling | GBP | £ |
| 3 | European Union | Euro | EUR | € |
| 4 | Japan | Japanese Yen | JPY | ¥ |
| 5 | China | Chinese Yuan Renminbi | CNY | ¥ / 元 |
| 6 | India | Indian Rupee | INR | ₹ |
| 7 | Canada | Canadian Dollar | CAD | C$ |
| 8 | Australia | Australian Dollar | AUD | A$ |
| 9 | Switzerland | Swiss Franc | CHF | CHF |
| 10 | Nepal | Nepalese Rupee | NPR | ₨ / NPR |
Money Exchange and Exchange Rate
What is Money Exchange?
When people travel to another country, they exchange their money for the currency of that country. This process is called money exchange. For example, if someone travels from Nepal to the USA, they must exchange Nepali Rupees (NPR) into US Dollars (USD). Money exchange is done at banks or money exchange counters.
What is Money Exchange Rate?
An exchange rate tells how much one currency is worth in another currency. It helps us convert one currency into another. Every day exchange rate can be viewed here by Nepal Rastra Bank.
📌 Things to Know:
- Exchange rates can change daily.
- Some places have buying rate and selling rate.
What are Buying Rate and Selling Rates?
1. Buying Rate:
The buying rate is the exchange rate that is used by financial institutions like banks to buy foreign currency. When you give foreign currency and get local money, the buying rate is used.
Note: When you have Foreign Currency, the bank is going to use the Buying Rate.
2. Selling Rate:
The selling rate is the exchange rate that is used by financial institutions like banks to sell foreign currency. When you give local money to get foreign money, the selling rate is used.
Note: When you have Nepalese Rupees, the bank is going to use the Selling Rate.
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