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International Currency Exchange Rate

The international currency exchange rate is different for every single country that is in existence in the world today. Years ago there was a standard that was followed for every single country when it came to determining the value of a particular currency. This method was called the Gold Exchange Standard and was in existence until 1971. Under the Gold Exchange Standard, the value of all currencies was fixed in terms of how much gold could be exchanged for that particular currency. For example, if 1 oz. of gold was worth 35 US dollars or 12 British pounds, the exchange-rate from dollars and pounds would remain constant at just under 3 to 1 and would not change for a long period of time. This system was heavily dependent upon countries actually having a large amount of gold in reserves in their country. In 1944 when the system was put in place, the US dollar was fixed at $35 per ounce of gold. All other currencies from around the world were expressed in terms of dollars as compared to this Gold Exchange Standard. In the 1960s, concern began to rise that there was not enough gold in the United States of America to redeem all of the dollars and in 1971, President Nixon announced that US dollars would no longer the convertible into gold. Current Basis for the International Currency Exchange RateWhen the gold exchange standard was abolished, the foreign-exchange market went from a relatively unimportant financial specialty to the forefront of international economics around the world. This began a system where the international currency exchange rate would fluctuate depending on market indices. A country's currency is no longer compared to the gold standard but rather to its own value as compared to other countries.

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