At one point, it hit around $1.3 during June of 2016, which was a major decline after many successful years. Similarly the value of pound dropped below the minimal boundary line against the dollar during the similar time period about two years ago. To an average citizen none of this might make any sense as it is way too complex for a beginner to fully understand. You may be wondering that you paid $4.49 for the burger deal at the start of September and was charged the exact amount at the end of the month when the forex market had an apparent incline.
No matter what part of the world we are in, we use money in our daily life to purchase products and make transactions that add value in our life. Currency in the trading world is far too complicated and many times even the basic principles of common sense fail to work in this field. Forex, which is basically a short form for forex exchange, is basically a market where the traders purchase a particular currency for lower price and sell it off at higher rates in order to make profits. The more tourists there are in a country, the more profitable the forex trade market would be. If you are looking for reliable Toronto currency exchange, then make sure to visit the website of Knightsbridge FX now to get the best rates.
The stability of the government is the main factor that can affect the value of its currency as it is the main authority that has the power to back it up during times of crisis. The interest rate of both the countries between which the foreign currency exchange is taking place also plays a vital role in deciding the market rates.