Understand forex: A list of different countries and their currencies

Foreign exchange markets are largest, most liquid financial markets in the world. Their exchange rates have a causative effect on the economies of the world.

Why are foreign exchange and foreign exchange services so important? At the very least, they help transfer our currency into international currency, and vice versa. However, forex has the following important key functions:

It facilitates international trade. Foreign exchange markets and services exist primarily to facilitate the transfer of goods and services among international markets. With reliable foreign exchange service channels in place, the transfer of payments can be effected seamlessly and correctly. The import and export channels depend primarily on foreign exchange to function smoothly.

It promotes the growth of global investment. Foreign exchange supports investments by offering diversified benefits to those trading in international currencies when buying or selling assets and other securities abroad. Besides, it helps companies and investors gain access into international markets, thus creating a spirit of global economic growth.

The Internet makes forex trading easier. The normal foreign currency exchange platform entails a network that links buyers and sellers. With the proliferation of the Internet, foreign currencies can be easily traded online. Identifying newer markets also becomes easier.

Forex rates can shake Governments. Any fluctuations on the global stage – for example, the recent Brexit campaign – has a ripple effect on global foreign exchange currencies. This effect may shake the tallest establishments or the man on the street, because they determine the prices of all commodities that we consume and the rate at which our economies make money. Thus, it is important to know the forex rates on every business day, whether you are travelling abroad or are a company dealing with international exports.

Setting forex benchmarks with IDFC Bank

IDFC Bank deals with the foreign currency exchange of the following countries:

                                   BILLS                       TELEPHONIC TRANSFER

Currency pairing	Bank buys	Bank sells	Bank buys	Bank sells
AED-INR	17.33	18.87	17.38	18.83
AUD-INR	49.74	52.17	49.87	52.04
CHF-INR	66.90	70.21	67.08	70.04
EUR-INR	73.21	76.29	73.40	76.11
GBP-INR	84.74	87.90	84.95	87.68
HKD-INR	8.37	8.78	8.39	8.75
JPY-INR	0.6438	0.6752	0.6454	0.6375
NZD-INR	47.32	49.62	47.45	49.50
SEK-INR	7.38	8.20	7.40	8.18
SGD-INR	47.91	49.95	48.03	49.83
USD-INR	65.45	67.52	65.62	67.35