Foreign Exchange market in also called as forex,FX or currency market.It is a globally decentralized financial market for trading of currencies.Financial centers around the world act as anchors between a wide range of different types of buyers and sellers around the clock except for weekends.

The core purpose of forex is to assist the international trade and investment by allowing the businesses to convert one currency to another foreign currency.for example, it permits a U.S. business to import European goods and pay Euros,even though the business income is in U.S. Dollars.

• Foreign Exchange system started during the 1970s.

• Round the clock operations except weekends i.e. from 20:15 UTC on sunday until 22:00 UTC Friday.

Estimated Turnover per every day

According to the Bank of international Settlements,average daily turnover in global foriegn exchange markets is estimated at $3.98 trillion as per April 2007.Trading in the world's main financial markets accounted for $3.21 trillilon of this.This approximately $3.21 trillion in main foreign exchange market is as follows.

• $1.005 trillion in spot transactions.
  
• $362 billion in outright forwards,where two parties buy assets today by fixing tomorrow's approximate rates.
  
• $1.714 trillions in foreign swaps.
  
• $129 billion estimated gaps in reporting.