Currency Management is the process by which global companies with significant cross-border transactions implement strategies to limit their exposure to foreign exchange fluctuations, in order to maximize the return on their foreign market operations.
ONESOURCE Indirect Tax Currency Management APIs are available for the following categories:
1) Exchange Rate
An exchange rate is the rate at which one national currency will be exchanged for another. Exchange rates can be either fixed or floating. Fixed exchange rates are decided by central banks of a country whereas floating exchange rates are decided by the mechanism of market demand and supply.
2) Exchange Rate Source
Exchange Rate Sources are locations containing sets of exchange rates for use in your calculations. You must define at least one exchange rate source to enable currency conversions in Determination.