“Money is a standardized unit of exchange”. The practical form of money is currency. It varies across countries whereas money remains the same. For example, in India, the currency is the Indian Rupee (INR) and in the US, it is the US Dollar (USD).
Due to various economic factors, the value of each country’s currency is not equal. For example, if the exchange rate between US Dollars (USD) and Indian Rupees (INR) is USD 1 = INR 60, it implies that one U.S dollar is equivalent to 60 Indian Rupees. The USD is normally taken as a benchmark against which to compare the value of each currency.
Due to various economic factors, the value of each country’s currency is not equal. For example, if the exchange rate between US Dollars (USD) and Indian Rupees (INR) is USD 1 = INR 60, it implies that one U.S dollar is equivalent to 60 Indian Rupees. The USD is normally taken as a benchmark against which to compare the value of each currency.
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