Question
On March 03, a saving bank customer in India, requests for issue a USD 10,000. The inter-bank currency rates are as under: Spot rate: 1 USD = Rs.85.00 /0.50 Sep forward margin = 0.35 / 0.40 Bank requires an exchange margin of 0.15%. What rate will be quoted and how much amount will be debited to customer's account.
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