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Exchanging Goods: The Golden Rule (Hadith No. 1789)

Bismillah.
Volume 3, Book 34, Number 294:
Narrated Abu Said (radiallaahu `anhu):
We used to be given mixed dates (from the booty) and used to sell (barter) two Sas of those dates) for one Sa (of good dates). The Prophet (sallallaahu `alayhi wasallam) said (to us), "No (bartering of) two Sas for one Sa nor two Dirhams for one Dirham is permissible", (as that is a kind of usury).
Bilaal (may Allaah be pleased with him) brought some good dates to the Prophet (peace and blessings of Allaah be upon him) and he said to him: “Where did these come from?” Bilaal said: “We had some bad dates and I paid two saa’s of them for a saa’ so that the Prophet (peace and blessings of Allaah be upon him) might have some of it.” The Messenger of Allaah (peace and blessings of Allaah be upon him) said: “Oh! Do not do that, (it is) the essence of riba, the essence of riba.” Narrated by al-Bukhaari, 3212. 
The Messenger (peace and blessings of Allaah be upon him) stated that giving more when equal amounts should be exchanged because of the difference in quality is the essence of riba, and it is not permissible to do that. But the Messenger of Allaah (peace and blessings of Allaah be upon him), as was his wont, pointed out the permissible way. The Prophet (peace and blessings of Allaah be upon him) told him to sell the bad dates for money (dirhams) and then buy the good dates with the money. 

Money Exchange (Hadith No. 1771)

Bismillah.
Narrated Abu Al-Minhal:
I used to practice money exchange, and I asked Zaid bin 'Arqam about it, and he narrated what the Prophet said in the following: Abu Al-Minhal said, "I asked Al-Bara' bin 'Azib and Zaid bin Arqam (radiallaahu `anhumaa) about practicing money exchange. They replied, 'We were traders in the time of Allah's Apostle (sallallaahu `alayhi wasallam) and I asked Allah's Apostle (sallallaahu `alayhi wasallam) about money exchange. He replied, 'If it is from hand to hand, there is no harm in it; otherwise it is not permissible."
Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba.  In that case they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency. The evidence for that is the report narrated by ‘Ubaadah ibn al-Saamit (may Allaah be pleased with him) who said: The Messenger of Allaah (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same for same, hand to hand. If the types are different then sell however you like, so long as it is hand to hand.” Narrated by Muslim, 1587. 
It says in Majmoo’ Fataawa Ibn Baaz (19/171-174): 
Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different. If a person sells Libyan currency for American or Egyptian or whatever currency hand to hand, there is nothing wrong with that, such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English currency etc for the Libyan or whatever currency hand to hand, there is nothing wrong with that. But if there is a delay, then it is not permissible, and if the exchange is not done in the same sitting, it is not permissible, because in that case it is regarded as a kind of riba-based transaction. So the exchange must take place in the same sitting, hand to hand, if the currencies are different. But if they are of the same kind, two conditions must be met: they should be of equal amounts and the exchange should take place in the same sitting, because the Prophet (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver…”
 The ruling on currency is as mentioned above; if they are different then it is permissible for the amounts exchanged to be different, so long as the exchange takes place in the same sitting. If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount. And Allaah is the source of strength. End quote from IslamQA.
More on it here.

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