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.
20 Jul 2019 06:09 PM
A Surat based woven products’ manufacturer and exporter. The firm exports woven fabric, post bags, laminated bags, cement bags, and other industrial packaging products in the international market with an annual export turnover of INR 10 cr. The firm
29 Jun 2019 04:49 PM
Myforexeye has appointed ‘Referral Partners’ (RPs) across the country in order to bring users of foreign exchange closer to our technology platform. The Referral Partner in Kolkata referred close to 10 exporters and importers in last 1 month. Our tea
15 Jun 2019 05:00 PM
Case: A Delhi based leading export house engaged in the manufacturing and exporting of garments. The company has export receivables of around USD 100k – 150k each month. The company had an inward remittance of USD 15,000 recently for which the owner
01 Jun 2019 03:38 PM
A Surat based client engaged in manufacturing and wholesaling of a wide range of polyester yarn. The company exports products to Turkey, Jordan, Gulf Regions and has foreign currency receivables in the U.S. dollar. The client had recently subscribed
17 May 2019 04:25 PM
Myforexeye was approached by a firm at Surat that is run a young Chartered Accountant who had been following Myforexeye keenly for a while before approaching us for a partnership. We have appointed him as an Affiliate to promote services offered by M
04 May 2019 06:18 PM
A fastener and machine components’ manufacturer with exports mainly in Europe and the U.S. Client had to book EURINR export forward for EUR 2,30,000 with the bank. The client did not have a direct access to his bank’s Treasury and the forward contrac