Is link exchange relevant in Terms of Google?

Link Exchange with relevant sites can be considered.

Off course link exchange with related theme always considered by every search engine. With the help of lots of link building we are able to increase the PR in Google for our website. So always go for this to make you website more familiar with all the search engine.

I have heard that now Google gives less attention to link exchange.

I dont have it on hand right now but if you google Google Terms link exchange, something relevant from Google themselves should surface in the search query

You all are correct but outbound links are still considered?

Well reciprocal links are not preferred by google anymore... You can go for paid or free links in directory submission!

Link Exchange is relevant in term of SEO. Link Exchange help to get high page rank.

Link exchange is relevant but exchange with relevant site. But Google does not give importance to link exchange.

Yes, it is relevant, if it is done in the related website, I mean you have to maintain the relevancy.

Link exchange is relevant and well considerable for the search engines,but the thing is that the theme should be relevant.Get exchange links with high PR sites.

Yup exactly... This is the reason why reciprocal directory submissions are discouraged nowadays...