Monetary Exchange Rate

When you need the latest monetary exchange rate, guessing simply won't do the job. Whether you're traveling to a foreign country or you just want to see what's going on in the Forex market, seeing the latest exchange rates may be critical.

Below, you'll find up to the second rates on many of the major currencies available. The rates are provided by Oanda, which is one of the top Forex brokers and companies in the world. To use the widget, simply enter the type of currency that you have and the type of currency that you want to convert it to. At that point, you enter the amount of currency that you have. The widget will then automatically calculate how much your currency is worth. Go ahead...try it out.

Why Rates Fluctuate

If you're new to the market, you may be wondering how the exchange rates work and why they fluctuate so much from one minute to the next. To answer that question, you have to look at the history of currencies. In the early days of the United States, money was backed up by gold. This was known as the gold standard.

In World War I, the US started to get away from the gold standard slightly. Then when Nixon was president, the US decided to go away from the gold standard completely, along with most of the rest of the world. At that point, they decided that currencies would just fluctuate in relation to one another.

The rates fluctuate based on many factors. For example, the strength of the country's economy in relation to the other plays a role in the exchange rate.

How Money is Made

So what exactly does all this mean? It means you can make some serious money. That is...if you trade currencies at exactly the right time. For instance, you buy one currency when its value is low compared to another and then you sell it when the value is high. Kind of like buy low, sell high. I'm sure that's come up somewhere before. Want to learn more about how it works? Check out our guide to Forex trading and see what it takes. If you find the currency conversion calculator useful, bookmark this page and come back as often as you'd like. Feel free to share it with your friends by using the social networking buttons below.



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