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What is the difference between a fixed exchange rate and a floating exchange rate?

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What is the difference between a fixed exchange rate and a floating exchange rate?
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    1. Imagine exchange rates as the pricing tags in a global marketplace. A fixed exchange rate is like a price tag that's glued in place — it doesn't change easily. On the other hand, a floating exchange rate is more like a price tag that can move around, influenced by supply and demand in the market. SoRead more

      Imagine exchange rates as the pricing tags in a global marketplace. A fixed exchange rate is like a price tag that’s glued in place — it doesn’t change easily. On the other hand, a floating exchange rate is more like a price tag that can move around, influenced by supply and demand in the market. So, fixed rates stay steady, while floating rates dance with the market’s rhythm.

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