An exchange rate between two currencies. Currency The type of money that a country uses. It can be traded against other currencies on the foreign exchange market, so each currency has a value relative to another.
The current exchange rate of a combination of currencies (i.e., Japanese Yen/British Pound).
An exchange rate between two currencies, constructed from the individual exchange rates of the two countries against a third -- usually the $US -- to arrive at the relationship of the two currencies with each other; ( ie if one $US=1.5 deutschmarks and 97 yen, then one deutschmark = 65 yen).