|UK Pound Sterling||GBP||164.75||165|
|Hong Kong Dollar||HKD||13.2||13.3|
The daily currency exchange rates are influenced by many factors. These exchange rates go up and decline with respect to change in the currencies of highly developed countries like UK and USA. Particularly if we talk about Open Market Rates they are Interest rates that are determined in the open market by supply and demand, as opposed to being set by the Federal Reserve Board. In other words we can say that Rate of interest that is paid on any debt security that trades in the open market. Interest rates for such debt instruments as commercial paper and banker's acceptances are open-market rates.
Open market rates are different from discount rate and other official rates that are set by the Federal Reserve. These rates are applied over any debt instrument that trades in the secondary market. Bank commercial-loan rates do not fall into this category, as they are largely determined by Fed policy.
Open market rates are regulated by the Central Bank of the country that is responsible to control the financial strategies and to control the flow and circulation of money. In order to achieve this purpose Central bank offers government securities and bonds etc. for selling and purchasing. So the term Open market rates relates to the payment made on the security of loans in the open market.
The chief factors that influence the Open Market Exchange Rates include economic conditions, supply and demand of money, purchasing power, etc. it is different from the interest rates that bank charges on the borrowers. The reason for calling it Open Market is that it is not controlled by Federal Government and it is not restricted to any particular location or restricted by any authority in specific.
This trade is not on regional or local level and the main source of income for government is considered to be the Bonds and Securities of the Country. This is to say that whenever a buyer purchases the security the government is going to provide the money on debt and when the bonds are sold by trader the government is actually borrowing money from them. In this way, both the parties earn profit.
Many third parties like websites provide a list of open market rates time to time highlighting the latest rates of all countries involved in the Foreign Exchange Business. The list encloses the main currencies with the figures of their purchase and sale on the daily basis. This whole trade is depended on the international open market rates so that you can compare the rates of different countries with the help of these lists. We provide you the rates in form of list for different countries that are listed in the table provided.