Foreign Exchange (Forex, FX) is the exchange of one currency for another, or the conversion of one currency into another currency. It also refers to the global market where currencies are traded virtually around-the-clock. The global foreign exchange market is by far the largest financial market, with average daily volumes in the trillions of dollars.
Foreign exchange transactions encompass everything from the conversion of currencies by a traveller at an airport kiosk to payments made by businesses and/or individuals for goods and services purchased overseas. Increasing globalization has led to a massive increase in the number of foreign exchange transactions in recent decades.
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