Correct Answer: Hybrid exchange rate

Solution : The correct answer is (c) Hybrid exchange rate

A hybrid exchange rate is not a recognized type of exchange rate system. The commonly recognized types of exchange rate systems are:

a) Fixed exchange rate: The value of a country's currency is pegged to a specific reference currency or a basket of currencies, and the exchange rate is maintained at a fixed level.

b) Floating exchange rate: The value of a country's currency is determined by market forces of supply and demand, and the exchange rate fluctuates freely.

d) Dual exchange rate: A system in which a country has two or more official exchange rates for different purposes or transactions. This is relatively rare and not widely used.