Exchange Rates and Currencies in International Business
9.1 Learn about exchange rates and currencies in international business.
More than 170 currencies are in use around the world today. Cross-border transactions occur through an exchange of these currencies between buyers and sellers. A currency is a form of money and a unit of exchange. Each country prefers using its own unique currency, which complicates international business transactions. When buying a product or service from a Mexican supplier, for example, you must convert your own currency to Mexican pesos to pay the supplier. The currency system is being simplified in some locations. As we saw in the opening case, many countries in Europe use the euro. Other countries, such as Ecuador, ...
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