1. TT buying rates for GBP 50,000 /- inward payment, if USD/INR is 48.50/52 and GBP/USD is 1.6050 / 60. Ignore margins. Calculate the amount to be credited to the customers account?
SOLUTION : As it is mentioned, TT Buying Rate which means Banks will Buy. APPLY CROSS CURRENCY CONCEPT As we need 1 GBP is how much INR Take both the buying rates. Buying Rates are always the first one and Selling rate are given after the symbol " / " that means 48.50 is buying rate and 48.52 is selling rate. USD/INR = 48.50 and GBP/USD = 1.6050. We require GBP/INR. So use Maths, GBP/INR = GBP/USD x USD/INR = 1.6050 x 48.50 = 77.8425. Amount credited to the customer = 77.8425 x 50000 = Rs 3,892,125
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