How are OANDA's rates calculated?
The exchange rates provided by our Currency Converter and other tools are averages for the global foreign exchange market gathered from frequently updated sources, including our OANDA fxTrade currency trading platform, leading market data vendors, and contributing financial institutions. The data is filtered and stored in a proprietary data repository.
We do not take market closing prices as the "average" price. Instead we take the average from all our collected data over a 24-hour period, reflecting the fact that the foreign exchange market never really "closes" globally. However, the volume of market activity is lower on weekends and holidays, so the number of prices varies from day to day. Our rates are rounded up to five significant digits, with a few exceptions.