Kolkata based rice bran oil exporter. The client usually hedges his expected export receivables within 2-3 days of receiving the export order. The client booked an export side USD/INR forward contract in last week of July for USD 1,00,000 at a rate of 69.7525 with a fixed date maturity for October end. However, the export order got cancelled and the forward contract was deep out of the money.
Myforexeye Value Addition :
The client approached Myforexeye Advisory team in a state of panic. On the date of maturity of the forward contract, Myforexeye team suggested the client to rollover the forward contract. The forward contract was cancelled at 73.89 with a loss of INR 4,13,750 to the client and it was rebooked for April end at 75.42. In November end, when the USD/INR spot came down by 4 rupees at 69.92, the forward contract came deep in the money. We suggested the client to cancel the forward contract and take the profit. The client went on to cancel the forward contract at a net rate of 71.12 and gained INR 4,30,000 on cancellation. This way the client was able to recover the loss incurred by him earlier and he even made a net profit of INR 16,250 following our advisory. The client felt relieved and was highly satisfied with the Myforexye Advisory.
19 May 2020 12:06 PM
A cloth exporter based out of Tirupur booked around $100,000 of export forwards per month. The client’s bank margin was fixed at 10 paise. The bank had been quoting a cash spot rate of 10 paise above the margin. The client had recently signed our “FX
16 Nov 2019 04:30 PM
Delhi based manufacturers of institutional and home furnishings, fabrics and hospital textiles exporter with market base across the country and other Asian and European nations. The client had recently started using our TPO service and had to book a
05 Oct 2019 05:30 PM
A Pune based industrial Instruments importer engaged in manufacturing of Electrical/ Instrumentation Systems. The client regularly avails import funding in foreign currency from Overseas branches of Indian Origin Banks. The client shared a transactio
21 Sep 2019 06:14 PM
A New Delhi based electronic goods importer. The working capital cycle of the client is 180 days but the Import payments terms are at sight against DP documents. The client used to utilize the Cash Credit facility with a PSU Bank. The client had appl
07 Sep 2019 03:03 PM
A large importer based in Delhi. The client had started a relationship with Myforexeye 6 months back. The client was getting extremely worried about persistent rupee weakness. Their import payment of USD 1 million was due for September 2019.
17 Aug 2019 05:53 PM
A South Indian Electric Vehicles manufacturer well known for selling battery operated two-wheelers. The company regularly imports various components required to assemble two-wheelers from different geographies of the world. Given the focus on green e