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An Exalted Orb is a currency item that can be used to enhance a piece of rare equipment with a new random affix. It is one of the three orbs most commonly used as currency to exchange items between players, the other two being Chaos Orbs (much lower value) and Mirror of Kalandra (much higher value).
Exalted orbs are one of the most desired currencies in-game that gives an additional affix to a piece of rare equipment. Players often buy exalted orbs since this currency is much more stable than the others, think of it like in-game dollars. Its price mostly grows in relation to other currencies. Because of that even farm builds began to appear that get more loot than usual, so it allows to farm for more exalted orbs.
Augments a rare item with a new random modifier