No, these are two concepts. Foreign exchange is foreign currency or a means of payment expressed in foreign currency for international settlement (static concept); A transaction process (dynamic concept) in which one country's currency is converted into another country's currency and remitted to another country in the form of international credit instruments to pay off the creditor-debtor relationship formed by economic and trade exchanges between the two countries. Exchange rate is the price comparison between two currencies, and foreign exchange speculation is based on the fluctuation of exchange rate between the two currencies.