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I am new to Mac OS X. Is there any good desktop app or dashboard widget which displays latest exchange rates like Windows 7 gadgets on right side.

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up vote 5 down vote accepted doesn't display the exchange rates, but it does allow you to convert between them. You can do this by entering a number in the calculator, and then going to the Convert > Currency... menu and choosing the appropriate currencies.

If you're looking for a Dashboard widget to show exchange rates, I'd suggest this one:

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