petrocurrency

Definitions

Banking

  • noun a foreign currency which is earned by exporting oil

Forex

  • Currencies whose values depend on the price of oil or currencies used to price oil. The classic example of a petrocurrency traded in the forex market is the Canadian Dollar since its value often rises and falls along with the price of oil due to Canada's considerable oil reserves. The U.S. Dollar is the primary currency used to price oil within the international petroleum market.
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