Foreign Exchange:

The foreign exchange market is an organizational setting within which individuals, business firms, banks etc buy and sell foreign currency. It has no centralised meeting place and not limited to one country.

The exchange rate is the amount of foreign currency that may be bought for I unit of domestic currency. It is simply the price at which one currency can be traded for another. If the US dollar sells for c9200, this defines the exchange rate between the US dollar and the Ghanaian cedi.