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?
Menu
Ca final sfm forex
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?
Recent Topics :
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
Related Topics :
CAclubindia
