A Bengaluru based exporter, banking with a leading private bank, had an inward of USD 79,586. He had to convert the inward remittance into Indian Rupee. The client approached Myforexeye to assist in the conversion process.
We called the bank treasury to convert the inward remittance to Indian Rupees. The USDINR spot rate was trading at 74.10. The client had a 13 paisa bank margin and the cash spot was 2 paisa. The net rate he should have received was INR 73.95 (74.10-0.13-0.02) after adjusting for cash spot and bank margin. However the bank was quoting INR 73.76 per dollar.
After an hour long discussion with the treasury, we ended up getting a rate of INR 74.2375 per dollar. During the one hour discussion, the USDINR spot rate had increased from INR 74.10 to 74.3875, which was fortunately in favour of the client. The client ended up getting the right rate after extensive negotiations by the Myforexeye dealing team with the bank . The client saved INR 11,937.9 in a single transaction.
23 Jul 2021 01:45 PM
A Maharashtra based exporter had an inward of USD 9,198 and the bank was quoting him a net rate of 73.08 when USDINR spot rate was at 74.34.
13 Jul 2021 01:26 PM
A Pune based construction company did not have the funds to keep with bank as a collateral and open a forward limit to hedge the forex exposure.
03 Jul 2021 03:27 PM
An Ahmedabad based textile importer had an import forward booked for 22nd July at 74.59. On 2nd July, the client had to make an urgent payment of USD 49920.
27 Jun 2021 09:27 PM
A Japanese Yen importer had a business arrangement with the seller to use RBI quarterly reference rate for import bill buying. The client was hedging the import bills (JPYINR) on the basis of previous quarter's reference rates published by RBI to hed
18 Jun 2021 03:49 PM
A client had an exposure of USD 1 million receivable in seven equal tranches of USD 0.142 million each between August to February. He receives documents only one month before his receivables are due.
11 Jun 2021 01:37 PM
A U.P. based exporter had an inward of USD 150,000 in May 2021 to be converted to Indian Rupees. Forward premium were at its 4.5 years high in May so cash spot discount was also high around 5-6 paise.