What is Rate Of Exchange?

Legal Definition
Among merchants, by rate of exchange is understood the price at which a bill drawn in one country upon another, may be sold in the former.
-- Bouviers Law Dictionary
Legal Definition
In commercial law. The actual price at which a bill, drawn in one country upon another country, can be bought or obtained in the former country at any given lime. Story, Bills, ยง 31.
-- Black's Law Dictionary
Legal Definition
The actual value there of a bill drawn on a foreign country.
-- Ballentine's Law Dictionary