North-India based oilfield equipments’ manufacturer. The client received an export payment of around $ 3 mio in September 2018. The client was watching the USD/INR levels for the conversion.
Myforexeye Value Addition :
The client approached Myforexeye for our view on expected USD/INR levels in near future. On the basis of fundamentals and technical analysis by Myforexeye team, rupee weakness was expected in near term. As the client was not in immediate need of cash, we suggested the client to hold the receivables in EEFC account. We told the client to go for less encashment of USD to INR initially and gradually encash the receivables.
In September, a total of $ 1 mio was converted with multiple conversions at an average rate of 72.00 rupees per US dollar. When the USD/INR levels went up beyond 74.00 in October, we suggested the client to go for gradual encashment before the mandatory month end EEFC conversion. In October, a total of $ 1.1 mio has been converted at an average rate of 73.43 rupees per dollar.
Myforexeye team was able to judge the market correctly and the client was satisfied with our view to not go for the conversion of the entire amount at a single rate and do multiple conversions with increase in USD/INR levels that we were expecting
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
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