An importer based out of Delhi had taken up TPO and Advisory services from Myforexeye. He had an import payment of $500,000 ten days later which he wanted to hedge using multiple forward contracts. Myforexeye dealers called his bank to book the contracts. The bank did not give direct treasury access to the client. Also, the bank was offering a net forward rate of 5 paise higher than the actual rate.
After a long discussion, our Myforexeye dealer asked for annualized premium which the bank denied providing by further unreasonable arguments. The total loss client was incurring on this deal was Rs.25,000.
The only way to provide transparency to the client was to change the bank. Myforexeye associated the client with a partner bank which gives treasury access and is sure to provide transparent rates to the client in the future.
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.
17 Dec 2020 03:06 PM
A Spansih Exporter/Importer was on a trial for the Transaction Processing Outcourcing (TPO) service. His Bank was ICICI bank and was charged a margin of 3 paisa.
19 Nov 2020 12:01 PM
An IT services importer had his account with HDFC bank. He did his forex transactions through HDFC bank. We reached out to him with our services.