No rate found for rate type &1 and rate category &2

What causes this issue?

No rate was found using the combination of rate type &v1& and rate
category &v2& for the period &v3& to &v4&.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Define an appropriate rate determination using transaction EA87.

Error message extract from SAP system. Copyright SAP SE.