How is foreign exchange rate determined?

According to the Department of Economic Research in the Philippines, under the system of freely floating exchange rates, the value of the foreign currency (for example, the dollar) in terms of the peso, like any product or service being sold in the market is determined by the forces of supply and demand.

If the demand of foreign currency (like dollar) or peso is high, its price will go up.

Under a fixed exchange rate system, a par value rate is set between the peso and the dollar by the central bank. The par value may be adjusted from time to time.

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