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.
27 Mar 2021 06:38 PM
A Delhi based exporter with a monthly exposure of USD 100,000 was managing their forex exposure by booking window forward contract with their bank.
19 Mar 2021 05:30 PM
Exporter Saves INR 17,370 On A Single Transaction
05 Mar 2021 03:06 PM
Myforexeye met an exporter when the USDINR spot was at ?72.40.The forward premium for April was 70 paise.
25 Feb 2021 06:10 PM
Our existing client, a garment exporter had hedged his receivables and sold EURINR forward @85.60 for Dec 2020 but part of their order got cancelled. They were able to cancel the balance contract only on maturity @89.90, booking a loss of INR 4.3 per
19 Feb 2021 12:12 PM
A Maharashtra based agro products exporter was taking working capital loan in foreign currency at 4% (LIBOR+200 to 250 bps). He wasn’t aware of PCINR/RPC, a packing credit loan available to Indian exporters.
24 Dec 2020 12:21 PM
Trade call given my Myforexeye on 10th November was to sell GBPUSD 25th November Futures.