An exchange rate is the cost that you will incur for converting one currency to another. The rate will tell you how many USD or Euro you will get in exchange for any amount in Indian Rupees or vice versa. So, if the exchange rate for USD1 is INR75, that means if you want to buy USD 100, you need INR7500. It also means, if someone sends you USD 100, you will receive INR 7500. The foreign (Forex) exchange rates change daily.