Some of the major types of foreign exchange rates are as follow: Fixed Exchange Rate System, Flexible Exchange Rate System and Managed Floating Rate System.

Fixed exchange rate system refers to a system in which exchange rate for currency is fixed by the government.

Flexible exchange rate system refers to a system in which exchange rate is determined by forces of demand and supply of different currencies in the foreign exchange market. Traditionally, International monetary economists focused their attention on the framework of either Fixed or a Flexible exchange rate system.

With the end of Bretton Wood's system, many countries have adopted the method of managed Floating Exchange Rates. It refers to a system in which foreign exchange rate determined by market forces and central bank influences the exchange rate though intervention in the foreign exchange market.