exchange rate

Meaning

This noun phrase refers to the value of one currency for the purpose of conversion to another. When traveling to a country with a different currency, travelers check this rate to see how much local money they will get for their cash. It fluctuates constantly based on global financial markets.

Examples

• The exchange rate between the euro and the dollar is very favorable right now.

  The exchange rate between the euro and the dollar is very favorable right now.

• You should avoid changing money at the airport because the exchange rate is terrible.

  You should avoid changing money at the airport because the exchange rate is terrible.

• I always check the current exchange rate on my phone before buying foreign currency.

  I always check the current exchange rate on my phone before buying foreign currency.

• The sudden drop in the exchange rate made our trip to London much cheaper.

  The sudden drop in the exchange rate made our trip to London much cheaper.

• Excuse me, what is today's exchange rate for Japanese yen?

  Excuse me, what is today's exchange rate for Japanese yen?

Common Mistakes

• ✗ The change rate is very good today.

  ✓ The exchange rate is very good today.

  'Change rate' is a literal translation from other languages. The correct English term is always 'exchange rate'.

• ✗ What is the exchange rating for euros?

  ✓ What is the exchange rate for euros?

  'Rating' refers to a score or evaluation of quality. Use 'rate' to talk about currency values.

Related Expressions

Practice

• Before you convert your money, make sure you look up the current ___.

  💡 The value of one currency compared to another.

  Show answer

  exchange rate

• The bank offers a better ___ than the hotel reception.

  💡 The conversion value for your cash.

  Show answer

  exchange rate