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An exchange rate is the rate at which one currency can be exchanged for another. It is the price of one currency in terms of another currency. Exchange rates are determined by supply and demand in the foreign exchange market, which is where currencies are bought and sold.
The exchange rate of a currency is important because it determines how much of one currency can be exchanged for another currency. It can also affect the competitiveness of a country's exports and imports, as well as the value of its investments in foreign countries. For example, if the exchange rate of the Pakistani rupee is high compared to other currencies, then Pakistani goods and services will be relatively inexpensive to foreign buyers, which could increase demand for Pakistani exports. On the other hand, if the exchange rate of the Pakistani rupee is low, then Pakistani goods and services will be relatively expensive to foreign buyers, which could decrease demand for Pakistani exports.