![]() Sending or receiving international transfers to or from your Bank of America bank account will include a margin rate of between 4% to 8% – this is much higher than most money transfer broker rates (which are normally 0.5 to 1.5%). BOA provides fast and secure international money transfer services however the exchange rates offered for international money transfer services are not the best on the market. Customers can initiate a money transfer online or in person at a branch. Cross-border wires with Bank of AmericaīOA offers international money transfer services that allow customers to send and receive funds from abroad. "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.Bank of America (BOA) is the second-largest consumer bank in the USA after Chase Bank and serves about millions of consumers and small business clients worldwide from its headquarters in Charlotte, North Carolina.īank of America is one of the Big Four US banks and holds over 10% of all American bank deposits, in direct competition with JPMorgan Chase Bank, Citigroup, and Wells Fargo. 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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