Currency is any form of money in general circulation in a country. Foreign exchange is money denominated in the currency of another country or a group of countries. Simply, an exchange rate is defined as the rate at which the market converts one currency into another. Copy the link given below and paste it in new browser window to get more information on Fixed Exchange Rate:- http://www.transtutors.com/homework-help/international-economics/economic-policy-in-open-economy/fixed-exchange-rate/