1.11.1 Create Currency Exchange Rate

This topic describes the systematic instructions to configure a currency exchange rate.

Specify User ID and Password, and login to Home screen.
  1. On Home screen, click Core Maintenance. Under Core Maintenance, click Currency Exchange Rate.
  2. Under Currency Exchange Rate, click Create Currency Exchange Rate.
    The Create Currency Exchange Rate screen displays.

    Figure 1-25 Create Currency Exchange Rate


    Description of Figure 1-25 follows
    Description of "Figure 1-25 Create Currency Exchange Rate"

  3. Specify the fields on Create Currency Exchange Rate screen.

    Note:

    The fields marked as Required are mandatory.
    For more information on fields, refer to the field description table.

    Table 1-25 Create Currency Exchange Rate – Field Description

    Field Description
    Branch Code Click Search icon to view and select the required branch code.
    Currency 1 Click Search icon to view and select the required currency.
    Currency 2 Displays the currency 2 based on selected Currecny1.
    Currency Rule Specify the currency rule details.
    Rate Type Select a rate type from the drop-down list.
    Buy Rate Displays the Buy Rate for the Currency Exchange. Buy Rate is calculated based on Spread Definition maintained in the Currency Pair Maintenance screen.
    The effective spread is calculated using any of the following two methods:
    1. Percentage:

      If the Spread Definition is selected as Percentage, then the buy rate is calculated as below:

      Buy Rate = Mid Rate-Buy Spread%

      Buy Spread% = Mid Rate*Buy Spread/100

      For example, 50*5/100 is 2.5 which is Buy Spread. Now Buy Rate will be 50-2.5 which is 47.5.

    2. Points

      If you select Spread Definition as Points then the buy rate is calculated as below:

      Buy Rate = Mid Rate-Buy Spread

      For example, if Buy Spread is 5, then Buy Rate is 50-5 = 45
    Buy Spread Specify the buy spread details.
    Mid Rate Specify the mid-rate details.
    Sale Spread Specify the sale spread details.
    Sale Rate Displays the Sale Rate for the Currency Exchange. Sale Rate is calculated based on Spread Definition maintained in the Currency Pair Maintenance screen.
    The effective spread is calculated using any of the following two methods:
    1. Percentage

      If the Spread Definition is selected as Percentage, then the sale rate is calculated as below:

      Sale Rate = Mid Rate+Sale Spread%

      Sale Spread% = Mid Rate*Sale Spread/100

      For example, 50*5/100 is 2.5 which is Sale Spread. Now Sale Rate will be 50+2.5 which is 52.5.

    2. Points

      If you select Spread Definition as Points then the sale rate is calculated as below:

      Sale Rate = Mid Rate+Sale Spread

      For example, if Sale Spread is 5 then Sale Rate is 50+5 = 55.
    Rate Date Select a rate date from the drop-down calendar.
  4. Click Save to save the details.
    The currency exchange rate is successfully created and can be viewed using the View Currency Exchange Rate screen.

Parent topic: Currency Exchange Rate