Mathematics · Foreign Exchange Arithmetic
An authorized dealer category one bank in Mumbai receives a request from a corporate client to book a forward purchase contract for US Dollars three months hence against Indian Rupees. The spot rate is 83.4550 / 4650 and the three month forward premia are quoted as 45 / 47 points. The bank requires an exchange margin of 0.15 percent on the transaction and follows the rule of rounding off to the nearest 0.0025. What would be the effective rate charged to the customer for this forward purchase?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 183.8225
- 283.3750
- 383.3300
- 483.7798✓
Correct answer
83.7798
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