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Fm doubt
the answer is correct .
you have to buy yen means you will buy at the ask rate.
your required quote will be INR/YEN = 0.2744/0.5106
so buying cost of Yen will be 100 lacs*0.5106 = Rs.51,06,000
sorry abhishek ...
answer of Dipika is wrong ...
we have to calculate ans as per market convention ...
so our ask rate will be
1/0.020 * 1.48* 0.0069
as market always sell at higher rate and buys at low rate.
U r absolutely spot on Deepika. Bid rate of Bank is always lower and Offer /ask higher.
It wud be better if first the rates are recast in correct form as below:
INR = $ 0.020 - $0.025
Þ $= INR 1/.025- 1/.020
GBP= $1.40 - $ 1.48
YEN = GBP0.0049 - GBP0.0069
Since for import customer has to buy the Yen it will be at the market offer rate:
INR/Yen offer = Multiply all the offer rates= 1/.020 × 1.48×.0069=.5106
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