In finance, an
exchange rate or
currency rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in relation to another currency.
For each organization, a list of base currencies with which it works is determined.
Course calculation strategies¶
Currency quotation is the fixing of the national currency in a foreign.
two types of Strategies:
Direct quotationshows the amount of base currency per unit of quoted currency.
The reverse (indirect) quotationreflects the number of units of the quoted currency per unit of base currency.
Resource - is a source of exchange rates of a certain type for the currency pairs it supports.
two types of Exchange rates:
Fixed: A fixed exchange rate is a regime applied by a country whereby the government or central bank ties the official exchange rate to another country's currency or the price of gold. The purpose of a fixed exchange rate system is to keep a currency's value within a narrow band.
Commercial- the rates of commercial banks and exchangers.
Commercial Resource has
- Ask (Buy)
- Bid (Sell)
Here you can get informed about current currency rates in one of supported resources.
There is an ability to filter rates by certain currency pair.
To filter rate list use
currency pair input above the Live rates list.
Rate scheme - is an entity that determines exchange rules for currency pair in your organisation.
two types of Rate Schemes:
System: Default presetted rate scheme, which icludes rules for all system currency-pairs.
System schemecan not be
Custom: An organisation administrator can create custom rate schemes for current organisation.
Rate scheme rule icludes:
- Currency pair
- Source Rate Type
- Fee rate (%)
- Fee fix
You can create (add) rule using
+ New button above the rules list.
For Rules with
Commercial Resource user should choose between
Bid source rate.