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SSC GD 2023 PYQ — Question 34

SSC GD Constable (English) - 23 Jan 2023 - Shift 2 • General Awareness • Q34

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The price of one unit of foreign currency in terms of domestic currency is called ______.

Show answer & explanation

Correct answer: B

Explanation

The correct answer is option 2 i.e. nominal exchange rate.

  • The nominal exchange rate is the rate at which one country's currency can be exchanged for another country's currency.
  • It represents the relative value of one currency in terms of another and is expressed as the amount of one currency needed to purchase a unit of another currency.