About This Forex Converter
This converter provides real-time exchange rates for over 50 world currencies. Rates are sourced from open forex data feeds and refresh automatically every 30 seconds, giving you up-to-date mid-market rates for any currency pair.
Supported currencies include major pairs like USD/EUR, GBP/JPY, and AUD/CAD, as well as emerging market currencies such as INR, BRL, TRY, NGN, and more. Historical charts let you track exchange rate trends over 7 days, 30 days, 90 days, and 1 year.
Understanding Forex Exchange Rates
Foreign exchange (forex) rates represent the price of one currency expressed in terms of another. The forex market is the largest financial market in the world, with daily trading volume exceeding $7.5 trillion — dwarfing the stock, bond, and crypto markets combined.
Exchange rates are influenced by interest rate differentials between countries, inflation rates, trade balances, political stability, and central bank policies. When a central bank raises interest rates, its currency typically strengthens because higher rates attract foreign investment seeking better returns.
The rates shown here are mid-market rates — the midpoint between the buy (bid) and sell (ask) prices on the interbank market. Banks and money transfer services typically add a markup of 1–5% on top of the mid-market rate, which is how they generate revenue.
Frequently Asked Questions
What is the mid-market rate?
The mid-market rate is the midpoint between the buy and sell prices on the interbank forex market. It's considered the 'true' exchange rate and is what you see on Google, XE, and financial news sites. Banks and money transfer services add their markup on top of this rate.
Why do banks charge different rates than what's shown here?
Banks add a markup (typically 1–5%) to the mid-market rate to generate profit. This markup varies by bank, currency pair, and transaction size. Online services like Wise, Revolut, and OFX typically offer rates much closer to mid-market than traditional banks.
When is the best time to exchange currency?
Forex markets are most liquid during the London/New York overlap (13:00–17:00 UTC), which typically offers the tightest spreads. Avoid converting during weekends when markets are closed and spreads widen. For large amounts, monitoring rates over several days with price alerts can help you catch favorable movements.
How do interest rates affect exchange rates?
Higher interest rates attract foreign capital seeking better returns, increasing demand for that currency and causing it to appreciate. When the US Federal Reserve raises rates, the USD typically strengthens against currencies with lower rates. This 'carry trade' dynamic is one of the most powerful forces in forex.
What causes currency crises?
Currency crises occur when a country's currency loses value rapidly — often due to high inflation, unsustainable government debt, loss of foreign reserves, or political instability. Recent examples include the Turkish Lira (2021–2023), Argentine Peso (ongoing), and British Pound's 'mini-budget' crash (September 2022).
Are the historical charts useful for predicting future rates?
Historical charts help identify trends and support/resistance levels, but forex prediction is notoriously difficult. Exchange rates are influenced by unpredictable events (elections, natural disasters, policy surprises). Use charts for context and trend awareness rather than precise predictions.