For eg-1$=₹65/₹67
When bank buy foreign currency($) from open market, at what price it will be available to bank?
And if bank buy from individual,what will be price?
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Replies (4)
At the last quoted price at the end of the last financial year i.e. for eg: If such trade was made in FY17-18 then such value of the dollar will be taken at the date 31.03.2017
1 $=Rs. 65/67....that is bid and ask rate of bank.... If anyone want to sell that dollar to bank then bank gives Rs. 65 for 1 dollar...... And if anyone want to buy 1 dollar from bank then he have to pay Rs. 67......bank ask rate quotation is always higher than its bid rate... Hope now u understand that
Bank will buy $ from any person (individual) who have some $ from trade (export) etc,, bank will pay ₹65 for every $.
And on what price bank will buy it in open market like from other bank or etc... Dont know??
I think it will be there internal matter, they dont disclose it...
Divakar here there is a possibility of inter bank transaction. Both buyer and seller can be a bank in case of open market. then what will be the rates?
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