Foreign Exchange Conversion Rates - TT Buying/ Selling

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Amit Bhatkar

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164 Points Posted on 01 August 2008

Dear All,

As a year end adjustment which conversion rates should be used for following items.

01. Open advances ( as on 31.03.2008 ) to foreign vendors

02. Open advances ( as on 31.03.2008 ) from foreign customers

Im confused with TT Buying / selling rates............ Can anybody elaborate me on the usage of these rates.

If our company paid advance of US$ 5,000=00 in the mid of march 2008 @ Rs. 42.50............ If I want to calculate exchange rate difference as on 31-march-2008 on that transaction which rate ( TT BUYING OR SELLING ) shouls be used ? For example if it Rs. 43.00 ( per USD ) ..... what will it denotes ? Exchange Rate Flactuation Gain or Loss ?

Thanks and Best Regards

Amit

Replies (12)

Guest

Posted on 08 August 2008

Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP

Guest

Posted on 09 September 2008

rate of GBP to INR 31.3.2008

Originally posted by :Guest
"	Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP	"

Guest

Posted on 18 September 2008

Originally posted by :Amit
"	Dear All, As a year end adjustment which conversion rates should be used for following items. 01. Open advances ( as on 31.03.2008 ) to foreign vendors 02. Open advances ( as on 31.03.2008 ) from foreign customers Im confused with TT Buying / selling rates............ Can anybody elaborate me on the usage of these rates. If our company paid advance of US$ 5,000=00 in the mid of march 2008 @ Rs. 42.50............ If I want to calculate exchange rate difference as on 31-march-2008 on that transaction which rate ( TT BUYING OR SELLING ) shouls be used ? For example if it Rs. 43.00 ( per USD ) ..... what will it denotes ? Exchange Rate Flactuation Gain or Loss ? Thanks and Best Regards Amit	"

SBI TT Buying Rate for US Dollar on 31.03.2008

Guest

Posted on 19 September 2008

forex currency rate on 31.03.2008

Guest

Posted on 25 September 2008

Originally posted by :Guest
"	rate of GBP to INR 31.3.2008 Originally posted by :Guest " Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP "	"

Guest

Posted on 25 September 2008

Originally posted by :Guest
"	rate of GBP to INR 31.3.2008 Originally posted by :Guest " Like to know TT Buying rates and selling rates as on 31.03.08 for US$, Euro and GBP "	"

Guest

Posted on 05 November 2008

Dear Sir,

Please tell me the TT Selling rate on dated 04/11/2008 for US$ and EURO.

Thanking you

Rashmi

76 Points Posted on 15 January 2009

Dear Amit,

Sorry for the late reply.

TT buying rate means the rate at which bank purchases the forign exchange, and TT selling rate is rate at which bank seels the forex to customers.

when we have to make the payment in forex we have to purchase the forex from bank and that rate is called TT selling rate. hence for expenses and liabilities use TT selling rate and for income and receivables use TT buying rate

CA Rashmi Gandhi