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Foreign exchange
A Foreign exchange Forex or FX transaction is primarily defined as the exchange of one currency or currency equivalent like Travellers cheque and draft for another currency by two parties at an agreed price the ratio at which the currencies are exchanged is called the exchange rate
example when US dollar USD can be exchanged for approximately 44.8 Indian rupees INR as of June 2011 , Hence , the exchange rate is denoted as one US dollar which is equivalent to 47.6 INR , similarly €1 is equal to 1.436 for US dollar.

The Foreign exchange management act (FEMA) is the primary acct controlling the activities related to foreign exchange. Reserve Bank of India or RBI is responsible for implementing the controls and managing the currency. the forex market is one of the largest markets in existence as a previous currency pairs are traded around the world places like Tokyo, Singapore , Hong Kong , London and New York have been established as the centres of FX Trade

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