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.
Here TT selling rate should be used and exchange margin will be added, since for the bank, it is a sale transaction. Spot rate selling rate = 85.50 Add margin @ 0.15% = 85.61 Gross amount due from customer = 85.61 x 10000 = 856100
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