In the modern world, when the economic relations of companies go beyond the framework of one state, there is the issue of regulating the price of goods, services or financial assets in different countries. In terms of world trade, before you buy goods abroad, you need to buy the currency of the country in the market where all monetary transactions take place.
In the settlement of exchange rates in different countries, the key factor is purchasing power parity (purchasing power parity) - the ratio of two monetary units of different countries, which is determined by their purchasing power and is applied to a specific set of goods. In theory, the concept of purchasing power parity boils down to the fact that the value of a commodity for each country is the same, and the value of this commodity establishes parity of purchasing power for the state.
In reality, the demand and supply of foreign currency is never in balance. Exchange rates are affected by high customs duties, transportation costs, export and import restrictions, the balance of payments and many other factors.
In the OilDrop application, current currency rates are available daily in the Finance section. This section will help you quickly assess currency changes in relation to the currency you are interested in.
Actual information according to the data of the central bank of the Russian Federation on the value of monetary units of other countries every day. You can customize the currency filter and select only the necessary ones 34 currencies are available for selection, including the most popular currencies in the Russian currency market:
- U.S. dollar;
- Chinese yuan;
- Japanese Yen;
- Turkish lira and many others;
Stay up to date on current currency prices and make the right decisions with OilDrop!