False, the exchange rate used in the conversion of money from foreign to local currency in a foreign country is called as spot rate.
The exchange rate is the rate at which we get foreign currency in exchange for local currency. Whether for purchasing anything in a foreign country or for the purpose of exporting things or products to another country. The rate at which one currency gets converted to a local one on that spot (no future delay) is a spot exchange rate. This is the immediate exchange of currencies at a current price.
Whereas the forward rate is a kind of agreement that is promised to be exchanged sometime in the future at a certain specific rate. (generally big firms and banks used to go for forward exchange rate).
To know more about the exchange rate, follow the below link:
https://brainly.com/question/28214467
#SPJ4
