Valutakurs

Valutakurs, or exchange rate, is the price at which one currency can be exchanged for another. It is usually quoted as a pair, such as EUR/USD, showing how many units of the counter currency are needed to buy one unit of the base currency. In practical terms, banks quote a bid price (what they are willing to pay to buy the base currency) and an ask price (what they will charge to sell it); the difference is a bid-ask spread. The mid-market rate is the average of bid and ask and is often used as a reference.

Exchange rates are determined in foreign exchange markets by supply and demand. They are influenced by macroeconomic factors such as interest rates, inflation, growth, trade balances, and capital flows, as well as by expectations, geopolitical developments, and central bank policy. Exchange rate regimes vary: floating rates fluctuate freely; fixed or pegged rates are set by authorities; managed floats involve occasional intervention. In addition to the spot rate, forward rates are quoted for delivery on a future date to hedge exposure.

Rates can be quoted as the price of one unit of foreign currency in domestic currency, or as the amount of foreign currency per unit of domestic currency, depending on the convention. For example, in many contexts a rate like USD/NOK expresses how many Norwegian kroner are needed to buy one US dollar. Sellers and buyers in the market may also use forward contracts or futures to hedge future exchange rate risk.

Practical uses include planning for importers and exporters, travellers, and investors. Central banks and financial institutions monitor and can influence rates through policy and intervention. Exchange rate data are published by central banks and financial data providers, and are used to assess competitiveness, inflation, and financial stability.