Exchange rate refers to the value of one currency in relation to another. It is the price at which one currency can be exchanged for another. Exchange rates are determined by a variety of factors, including supply and demand for each currency, economic and political conditions in each country, interest rates, inflation rates, and other factors.
GBP/USD gained momentum and traded higher to 1.2730, up 0.17% on the day. The Bank of England raised interest rates by 25 basis points (bps) from 5% to 5.25% in…
