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Exchange rate is the value of one currency for the purpose of conversion to another. It is also regarded as the value of one country's currency in relation to another currency.
Both Reference exchange rates and middle-market exchange rates are based on ISO 4217:2015 (Codes for the representation of currencies)who specifies the format for a three-letter alphabetic code and three-digit numeric code assigned to each currency.
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Reference currency rates are obtained from European Central Bank and Other countries Central banks like Deutsche BundesbankLa Banque de FranceDe Nederlandsche Bank and etc.
The middle-market exchange rates are calculated using the averages of aggregated (bid and ask) prices offered by the market makers and quotes from financial institutions.