Clients Saves 19 Paisa Per Dollar In TPO Transaction

Clients Saves 19 Paisa Per Dollar In TPO Transaction

08 Apr 2021 05:50 PM
 

CASE

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.

VALUE ADDITION

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.

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