floating exchange rate
US /ˈfloʊtɪŋ ɪksˈtʃeɪndʒ reɪt/
UK /ˈfloʊtɪŋ ɪksˈtʃeɪndʒ reɪt/
1.
an exchange rate regime where the value of a currency is allowed to fluctuate freely in response to foreign exchange market mechanisms, without intervention from central banks or governments
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Many major economies operate under a floating exchange rate system.
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A pure floating exchange rate is rare, as most governments intervene occasionally.