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What are the steps that need to be taken to determine an exchange rate?
in Tourism by Diamond (58,513 points) | 14 views

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The steps that need to be taken to determine an exchange rate are:

 

  • Step 1: Identify the exchange rate of the currency you need and find the ISO code. For example, the currency code of the rand is ZAR, while that of the US Dollar is USD.
  • Step 2: Look up the exchange rate for your two currencies.
  • Step 3: Calculate the exchange rate by looking at a currency pair (two currencies). The first currency in the pair, known as the base currency, is the transaction currency and the second currency is the payment currency. 
by Diamond (58,513 points)

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