Leaders in exchange undercut rates over newish currency (4)

I believe the answer is:

euro

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'newish currency' is the definition.
'euro' can be an answer for 'currency' (I've seen this before). I'm not sure about the 'newish' bit.

'leaders in exchange undercut rates over' is the wordplay.
'leaders in' says to take the initial letters.
The first letters of 'exchange undercut rates over' is 'EURO'.

Can you help me to learn more?

(Other definitions for euro that I've seen before include "Currency of France" , "EU money" , "Vatican currency" , "Continental currency" , "Spanish currency unit" .)

I've seen this clue in The Independent.

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