01
An exchange rate is the price of one currency expressed in terms of another currency.
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02
Under a floating exchange-rate regime, the currency’s value is primarily determined by foreign-exchange market forces rather than maintained at a fixed parity.
supported03
Under the IMF’s former classification, a managed float involved authorities actively influencing a market-determined exchange rate without a preannounced path or target, whereas an independently floating rate was market-determined and official intervention was limited to moderating the rate of change or undue fluctuations.
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