This report provides an overview of the institutions operating within the foreign exchange (forex) market, the world's largest financial market. It identifies key players such as commercial and investment banks, central banks, investment managers and hedge funds, multinational corporations, and individual investors, detailing their roles and motivations in currency trading. Commercial banks facilitate transactions and engage in speculative trades, while central banks influence currency rates through monetary policies and interventions. Investment managers trade for large accounts, and multinational corporations conduct forex transactions for international trade and hedging. Individual investors are a growing segment, basing trades on fundamental and technical factors. The report also highlights how the interaction of these participants creates a liquid, global market that impacts inflation, corporate earnings, and the balance of payments. The carry trade strategy is discussed as an example of how market participants influence exchange rates and affect the global economy. The analysis emphasizes the diverse reasons for forex trading, from profit-driven speculation to risk management and monetary policy implementation, underscoring the importance of understanding these dynamics for investors.