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Exchange rate baskets are baskets of currencies that are used to set the value of a particular currency. They are typically used by central banks to manage the value of their currency and to help mitigate exchange rate volatility. The currencies in a basket can vary from one to several, and the composition of the basket is determined by the central bank. The exchange rate basket is used to measure fluctuations in the value of a currency against a basket of other currencies. The basket is also used to measure the performance of a currency against its peers in the international market. Exchange rate baskets can also be used to compare the relative strength of different currencies.