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(FX is financial shorthand for "foreign exchange").
London is the global centre for foreign exchange trading.
The government has resorted to rationing and price controls amid a scramble for foreign exchange.
"We don't hedge for foreign exchange fluctuations, because our expenses are largely in rupees," said Debbad.
"Sometimes there is more demand for renminbi and sometimes for foreign exchange".
The original demand for foreign exchange arose from merchants' requirements for foreign currency to settle trades.
Mrs. Macleod, 29, is a vice president for foreign exchange sales at Goldman Sachs.
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For many countries, stamps are crucial for foreign-exchange earnings.
The IMF's chief economist, Michael Mussa, argued for foreign-exchange intervention to prop up the currency.
That is not the only reason for foreign-exchange traders to be nervous about the dollar.
Brazil's market for foreign-exchange derivatives, for instance, is one of the most sophisticated and transparent in the world.
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