General Awareness · Banking Financial Awareness

Currencies and Exchange Rates

1,480 Questions

Knowledge of global currencies and exchange rates is vital for general awareness sections in banking and civil service exams. Topics include identifying the official currencies of various countries and understanding digital currency types. Use this collection to quickly memorize international currency symbols.

Country currency identificationDigital currency typesCurrency exchange tipsGlobal currency symbols

Currencies and Exchange Rates Questions

Multiple choice

The devaluation of currency of a country is done when __________ (i) It has adverse balance of payments. (ii) It has favourable balance of payments.

  1. Both (i) and (ii) are correct.

  2. Both (i) and (ii) are incorrect.

  3. Only (i) is correct.

  4. Only (ii) is correct.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Devaluation makes a country's exports cheaper and imports more expensive, which helps correct an adverse (negative) balance of payments. It is not used when the balance of payments is favourable. This is a standard macroeconomic policy tool.

Multiple choice

Numismaties means

  1. the study of currency

  2. the study of numbers

  3. the study of coins

  4. none of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

It is the study of coins including visual elements such as scripts and images.

Multiple choice

What is the full form of FEMA?

  1. Federal Exchange Management Act

  2. Foreign Exchange Management Act

  3. Financial Exchange Management Act

  4. Financial Exchange and Monetary Act
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange".

Multiple choice

As per FEMA 1999, the term foreign exchange does not include which of the following?

  1. Amount payable in foreign currency

  2. DD drawn in Indian currency but payable in foreign currency

  3. DD drawn abroad but payable in Indian currency

  4. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The legal framework for administration of exchange control in India is provided by the Foreign Exchange Management Act, 1999. Under the Act, freedom has been granted for buying and selling of foreign exchange for undertaking current account transactions. The act involves all the three options, so option 4 is the correct answer.

Multiple choice

Hryvnia is the currency of

  1. Uganda

  2. Tongo

  3. Ukraine

  4. Hungary
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Hryvnia (also spelled Hryvnya) is the official currency of Ukraine, introduced in 1996 after Ukraine gained independence following the Soviet Union's dissolution. The currency symbol is ₴ and it is subdivided into 100 kopiyok. Uganda uses Shilling, Tonga uses Pa'anga, and Hungary uses Forint.

Multiple choice

The currency of Zambia is

  1. Zambia Kwacha

  2. Zambian Pound

  3. Zambian Dollar

  4. Zambian Franc
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Zambia Kwacha (ZMW) is the official currency of Zambia, a landlocked country in Southern Africa. The kwacha was introduced in 1968 after Zambia gained independence. Zambia is a major copper producer and its currency is an important part of its economic structure. The other options are fictional or incorrect.

Multiple choice

The currency of Uruguay is __________.

  1. Dollars

  2. Shillings

  3. Iira

  4. Pesos
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Uruguayan peso is the official currency of Uruguay. Dollars and shillings are used in various other countries, while 'Iira' appears to be a misspelling or nonexistent currency name.

Multiple choice

Guarani is the currency of

  1. Peru

  2. Paraguay

  3. Papua New Guinea

  4. Nicaragua
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The guarani (PYG) is Paraguay's official currency. Peru uses sol, Papua New Guinea uses kina, and Nicaragua uses cordoba.