Why is there a need for an exchange rate for currency?
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If one country's currency is not so valuable compared to the rest then there will be many 0's on their bills, however commodities are not priced much cheaper in these country's with a less valuable currency. The only reason commodities end up being cheaper seems to mainly be based on how low the minimum wage is in a country. So what is the reason for even having an exchange rate?
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Answer:
It is an adjustment converter for parity prices between countries.
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