The foreign exchange market (currency, forex, or FX) is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. [1]forex transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating forex exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.
Presently, the forex market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, forex currency speculators, forex corporations, forex governments, and other institutions. The forex average daily volume in the global foreign exchange and related forex markets is continuously growing. Traditional daily forex turnover forex was forex reported forex to forex be forex over US$3.2 trillion in April 2007 by the Bank for International Settlements.[2] Since then, the market has continued to grow. According to Euromoney's annual forex Poll, volumes grew a further 41% between 2007 and 2008.[3]
The purpose of forex market is to facilitate trade and investment. The need for a forex market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.
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