Thursday, 4 October 2012

A look at a currency table

Now, let's take a look at a currency table:

Row 1 & Column 1: Currency Name (or symbol) The currencies are exactly the same in both the column and the row. This table allows you to compare the value of a currency in relation to another. The only exception on this table is gold, which is commonly quoted in currency tables because it is considered to be an alternative currency that anyone can purchase.

If you are reading this table the values are in the following context:

$1 in currency of row #1, is worth $___ in column #1 dollars.

For example, 1 euro is worth $1.3926 in Canadian dollars. If you were in Canada and you wanted to exchange your 1 euro for Canadian dollars, you would get $1.3926 in return. On the other side of the equation, if you had $1 Canadian and you wanted to convert it to euros, you would get 0.7181 in return. Both of these numbers are circled in red on the table.
It is also important to note that 1/1.3926 = 0.7181. If you only have the currency rate for one direction, then all you need to do is divide one by that number to find the value in the other country's currency.

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