Floating Exchange Rate
A floating (flexible) exchange rate is the biggest category and the most likely type of exchange rate that one will encounter when traveling. A flexible exchange rate rises or declines daily, based on a variety of economic factors and market forces. It’s neither pegged nor controlled by central banks.
In the modern world, most of the currencies are floating. Among them are: the United States dollar, euro, the Swiss franc, the Indian rupee, the British pound, the Japanese yen, and the Australian dollar.