Posted by forex at 3:52 AM
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1. Identify the currency pair you want to convert. For this example, assume the currency pair is U.S. dollars to Mexican pesos, where MXN stands for the Mexican peso and USD stands for the U.S. dollar.
2. Find the conversion rate for the currency pair. Many international banks will post major conversion rates, and they are available at countless websites. Assume for this example you want to covert 100 U.S. dollars into pesos. Also assume the currency exchange rate you have found is 10.00. This indicates that for every 1.00 USD you sell, you can buy 10.00 MXN.
3. Multiply the value of the currency you are selling by the conversion rate found in Step 2. In this example, you are trying to convert 100 USD into pesos with a current exchange rate of 1 USD = 10 MXN. The calculation is 100 multiplied by 10.00, and the answer is 1,000 pesos.