Foreign Exchange:
When we trade one currency for another.
Generally, we trade foreign currency (say USD) for our local currency (say INR), because in our country we can only use our local currency i.e. Indian Rupee.
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Similarly, we can trade our local currency for foreign currency when we need something from overseas market.
This market is also known as Currency Market.
Business houses, tourists, governments and anyone exchanging one currency for another is a participant of this market.