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A foreign currency is the currency used by a foreign country as its recognized form of monetary exchange. This particular currency is the only form of exchange that the applicable government allows to be used for buying and selling within its borders.

The currency that is used in someone's own country: The primary goal for monetary policy is keeping the value of the domestic currency stable. A stronger currency typically reduces the price of imports in domestic currency terms.

In a currency union, one currency is issued which is legal tender in the union's member countries. From the point of view of the currency union area, this currency is a domestic currency, and all other currencies are foreign currencies.

A local currency is the currency most commonly used within a country. This is usually the national currency. Thus, the U.S. dollar might be accepted in the United Kingdom, but the local currency there is the pound, since that is the national currency and the currency in which most transactions are settled.

The voucher is foreign when the transaction currency code is different from the base currency code; otherwise the voucher is domestic. Displays the currency code of the company that is assigned to the voucher. This is the domestic currency of the voucher.

Foreign Currency Exchange Voucher means a voucher issued to record the details of foreign currency exchanges.

Gains and losses from foreign currency transactions will generally be taxable (or deductible) in the US or in a foreign country based on the applicable tax law.

There are two ways to express an exchange rate between two currencies (e.g., between the U.S. dollar [$] and the British pound [£]). One can either write $/£ or £/$. These are reciprocals of each other. Thus if E is the $/£ exchange rate and V is the £/$ exchange rate, then E = 1/V.