What Is Foreign Exchange (Forex)?
Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the INR.
A foreign exchange rate is the price of the domestic currency stated in terms of another currency. In other words, a foreign exchange rate compares one currency with another to show their relative values. Since standardized currencies around the world float in value with demand, supply, and consumer confidence, their values change relative to each over time. For instance, one US dollar in 2011 was worth about .68 Euros. In 2014, one US dollar is worth .75 Euros. This means the dollar has increased in value over this three-year span, but the Euro is still 25% more valuable
The forex market is the largest, most liquid market in the world, with trillions of dollars changing hands every day.1 There is no centralized location, rather the forex market is an electronic network of banks, brokers, institutions, and individual traders (mostly trading through brokers or banks).
Explanation of Terms:
T.T. Buying -Rate at which a Foreign Inward Remittance received by Telegraphic Transfer, Foreign DD or Foreign Cheque is converted into Rupees. In respect of Foreign DDs & Cheques, interest/charges at the ruling rate will be deducted towards transit period/collection as per FEDAI guidelines.
T.C. Buying – Rate at which Foreign Currency Traveller’s Cheques are bought from the customer.
Currency Buying – Rate at which Foreign Currency Note is bought from the customer.
T.T. Selling – Rate applicable when a customer sends an outward remittance through Telegraphic Transfer or through Issuance of Demand Draft.
T.C. Selling – Rate applicable when a customer buys Foreign Currency Traveller’s Cheques from the Bank. The same will be arranged through TC issuers.
Currency Selling – Rate applicable when a customer buys Foreign Currency notes from the Bank. This is however, subject to availability of currency notes at the Branch concerned.
Note: All Rates Displayed below are directly taking from respective websites of bank, For more exact details, Please contact Concern Bank.
Rate Across All Banks In India
Latest Forex Rates In India
- Banks use the mid-market rate, also known as the interbank rate, when exchanging currencies between themselves.
- They add hidden fees to the rate they give their customers. This is why you’ll see different exchange rates across providers – you’re paying the difference between the mid-market rate and the rate quoted by your bank.
- Customers lose money to these hidden fees when they make a transfer – often without even realising.
Latest Forex Rates Chake Here : Sbi
|CURRENCY||TT BUY||TT SELL||BILL BUY||BILL SELL||TC BUY||TC SELL||CN BUY||CN SELL||PC BUY|
|UNITED STATES DOLLAR||USD/INR||74.05||75.55||73.99||75.71||73.4||75.95||73.1||76.1||73.94|
|GREAT BRITAIN POUND||GBP/INR||103.11||106.35||103.03||106.56||102.15||106.9||101.65||107.15||102.96|
|NEW ZEALAND DOLLAR||NZD/INR||53.06||55.27||53.01||55.38||0||0||50.5||57.35||52.98|
|HONG KONG DOLLAR||HKD/INR||9.47||9.79||9.46||9.81||0||0||9||10.15||9.44|
|SAUDI ARABIAN RIYAL||SAR/INR||19.35||20.56||19.34||20.6||0||0||18.8||20.9||19.32|
|SOUTH AFRICAN RAND||ZAR/INR||5.11||5.43||5.1||5.44||0||0||4.9||5.5||5.09|