![]() Wells Fargo is your arms-length counterparty on foreign exchange transactions. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. The applicable exchange rate does not include, and is separate from, any applicable fees. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup. "The RBI has been pretty active post New York hours," a currency trader at a Singapore-based hedge fund said, adding that the RBI has been intervening in both onshore and offshore markets.Ĭentral bank Governor Shaktikanta Das had said in September last year the RBI aims to anchor expectations around rupee depreciation.In addition to any applicable fees, Wells Fargo makes money when we convert one currency to another currency for you. There was no specific level they have sold the dollars at, he added.Īnother banker - a spot trader at a private sector bank - confirmed that the RBI had sold dollars this week, but said he was not sure if the central bank was active again on Friday. "Public sector banks have been selling in NDF for the past three days, including on Friday, before 9 a.m.," one of the bankers said. ![]() However, the RBI says it does not, as a policy, target any specific level, but intervenes in the foreign exchange market to smoothen volatility and avoid any extreme moves in the currency. The central bank did not immediately respond to a Reuters request for comment via e-mail. None of the five bankers wanted to be identified as their internal policies do not allow them to speak to the media. Two of the bankers said that the RBI had been selling dollars in the NDF market prior to the opening of the onshore over-the-counter markets. In comparison, the rupee is down 0.3% against the dollar so far this week. The Philippine peso has lost 1.3%, while the Chinese yuan has declined about 1% in the same period. The South Korean won and the Thai baht are both down around 2.4% each this week. The RBI was assumed to have been defending that level back in December, according to traders. The central bank's move to sell dollars in the NDF before the open was likely aimed at ensuring that rupee does not fall below 83, the bankers said. yields and a broad selloff in Asian currencies. The unit, however, has managed to avert a further slide despite a jump in U.S. The rupee closed at 82.83 to the dollar after touching a more than one-month low of 82.8975 on Wednesday. ![]() MUMBAI, Feb 17 (Reuters) - The Reserve Bank of India has likely been selling dollars in the non-deliverable forward (NDF) market this week to prevent the rupee from weakening past 83 to a dollar, five bankers told Reuters on Friday.
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