Which of the following is the rate at which a banker is willing to buy foreign currency ?
In foreign exchange quotations, the Bid rate is the exchange rate at which an authorized dealer or commercial bank is willing to buy the base foreign currency from a…
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Which of the following is the rate at which a banker is willing to buy foreign currency ?
Answer and explanation
Correct answer C
In foreign exchange quotations, the Bid rate is the exchange rate at which an authorized dealer or commercial bank is willing to buy the base foreign currency from a customer, whereas the Ask (or Offer) rate is the rate at which the bank is willing to sell the foreign currency.
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UGC NET Management