What is Anexchange rate?
An exchange rate is the value of a country’s currency vs. that of another country or economic zone. Most exchange rates are free-floating and will rise or fall based on supply and demand in the market. Some exchange rates are not free-floating and are pegged to the value of other currencies and may have restrictions.
What is TT selling?
A telegraphic transfer – which is also often called a TT, telex transfer, or a T/T bank payment – is a broad term for transferring money from one bank account to another – usually involving moving the money from one country to another, and often between different currencies.
What was the dollar rate in Dec 2021?
Currency exchange rate today, 31 December 2021: The Indian currency rate against US Dollar today hiked. The Indian rupee against the US Dollar has been settled at Rs 74.29 and while it has ended at Rs. 84.12 against the EURO.
What is TT rate and bill rate?
TT selling rate applicable to all outward transaction in which any foreign currency purchased by paying domestic currency. Bills Buying Rate/Bills Selling Rate. Bills are export import proceeds. Bills buying rate is nothing but inward remittances, bill selling rate nothing but outward remittances.
How are foreign exchange rates quoted?
Exchange rate quotations can be quoted in two ways – Direct quotation and Indirect quotation. Direct quotation is when the one unit of foreign currency is expressed in terms of domestic currency. Similarly, the indirect quotation is when one unit of domestic currency us expressed in terms of foreign currency.
Is a high exchange rate good?
A strong dollar or increase in the exchange rate (appreciation) is often better for individuals because it makes imports cheaper and lowers inflation. This gives individuals more purchasing power in the world marketplace. This often leads to a better standard of living.
What is TT selling and TT buying rate?
What is TT selling and TT Buying? TT selling and TT buying rates are decided by particular banks based on their position with that particular currency with respect to home currency. It is basically rates at which other currencies are bought or sold in terms of home currency.