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06/08/2010 · AUTHORISED DEALERS IN FOREIGN EXCHANGE. Forex Department, 4th Floor, The Visakhapatnam Cooperative Bank Limited

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In these cases, the exports contacted the forex dealer who used to send the documents for foreign currency deposit to the bank without the foreign currency. Such

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Forex dealers keep a significant margin over and above “today’s AED rate in Visakhapatnam” to hedge against any AED price fluctuation in the global market. So the concept of “today’s AED rate in Visakhapatnam” is in reality just a farce and a means to exploit the customers. Unfortunately it also is a standard practice in the market.

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