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Even if a company expects to be paid in its own currency, it must assess the risk that the buyer may not be able to pay the full amount due to currency fluctuations.
Any company operating globally must deal in foreign currencies.
It has to pay suppliers in other countries with a currency different from its home country’s currency.
In finance, an exchange rate (also known as a foreign-exchange rate, forex rate, ER, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another.
It is also regarded as the value of one country’s currency in relation to another currency. For example, an interbank exchange rate of 119 Japanese yen (JPY, ? 119 will be exchanged for each US$1 or that US$1 will be exchanged for each ? In this case it is said that the price of a dollar in relation to yen is ?
This is the exchange rate (expressed as dollars per euro) times the relative price of the two currencies in terms of their ability to purchase units of the market basket (euros per goods unit divided by dollars per goods unit).