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TeachMeFinance.com - explain Exchange Rate exchange rate -- The number of units of a foreign currency that can be bought with one unit of the domestic currency, or vice versa. another definition... Exchange rate -- The rate, or price, at which one country's currency is exchanged for the currency of another country. another definition... Exchange Rate -- The price of one currency expressed in terms of another. historic definition... Exchange rates -- The basis of all exchange rates is the rate for sight exchange (that is, a bill or draft which is payable at sight, which means on demand or presentation). The rate for a time bill or long bill (one payable at a specified future date) is the rate for a sight bill, less interest on the amount of the bill from the date of its issuance to the date of its payment. This allowance for interest is made because the seller of the bill has the use of the money paid by the buyer for it until its payment. Interest is figured at the rate prevailing where the bill is payable for the reason that the bill is domiciled or domiciliated there, which is another way of saymi; that the place of its payment is the place of its legal existence, or rather will be after its acceptance, and the presumption is that it will be promptly accepted by the one upon whom it is drawn on its presentation to him. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.