Historical Indian Rupee Rate (INR

)
Year INR/USD 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 7.66 8.03 8.41 8.97 8.77 8.20 8.16 7.89 8.68 9.48 10.11 Year INR/USD 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 11.36 12.34 12.60 12.95 13.91 16.21 17.50 22.72 28.14 31.26 31.39 Year INR/USD 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 32.43 35.52 36.36 41.33 43.12 45.00 47.23 48.62 46.60 45.28 44.01 Year INR/USD 2006 2007 2008 2009 2010 2011 45.17 41.20 43.41 48.32 45.65 46.61

Average annual currency exchange rate for the Indian Rupee (Rupees per U.S. Dollar) is shown in this table: 1973 to presen

http://www.x-rates.com/d/USD/INR/hist2011.html

www.x-rates.com/d/INR/table.html India Rupee to U.S. Dollar Currency Exchange Rate Forecast www.forecasts.org/exchange-rate/india-rupee-exchange-rate.htm Monthly Exchange Rate Average (Indian Rupee, American Dollar ... www.x-rates.com/d/INR/USD/hist2012.html http://www.x-rates.com/cgi-bin/hlookup.cgi

2011 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.549497 INR February 0.549767 INR March
(20 days average) (20 days average)

0.550375 INR April 0.532957 INR May 0.553606 INR June 0.557416 INR July 0.559483 INR August 0.589282 INR September 0.620685 INR October 0.643003 INR November 0.655698 INR December 0.675 INR

(23 days average)

(20 days average)

(22 days average)

(22 days average)

(21 days average)

(23 days average)

(22 days average)

(21 days average)

(22 days average)

(21 days average)

2010 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.502977 INR February 0.513827 INR March 0.501899 INR April 0.47551 INR May 0.498085 INR June
(21 days average) (21 days average) (23 days average) (20 days average) (20 days average)

0.512332 INR July 0.535311 INR August 0.545917 INR September 0.545106 INR October 0.543174 INR November 0.545369 INR December 0.541745 INR

(22 days average)

(22 days average)

(21 days average)

(22 days average)

(21 days average)

(22 days average)

(23 days average)

2009 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.539118 INR February 0.531797 INR March 0.523429 INR April 0.506754 INR May 0.501912 INR June 0.494349 INR July 0.512818 INR August 0.509713 INR September 0.528897 INR
(22 days average) (21 days average) (23 days average) (22 days average) (21 days average) (21 days average) (22 days average) (20 days average) (21 days average)

October 0.517007 INR November 0.522336 INR December 0.518989 INR
(22 days average) (21 days average) (22 days average)

2008 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.363872 INR February 0.370585 INR March 0.398572 INR April 0.389283 INR May 0.401573 INR June 0.400013 INR July 0.399901 INR August 0.392359 INR September 0.425994 INR October 0.487126 INR November 0.503543 INR December 0.531291 INR
(23 days average) (20 days average) (23 days average) (22 days average) (21 days average) (23 days average) (21 days average) (22 days average) (22 days average) (21 days average) (21 days average) (23 days average)

2007 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.367294 INR February 0.365447 INR March 0.373494 INR April 0.353303 INR May 0.335711 INR June 0.330858 INR July 0.331677 INR August 0.348602 INR September 0.349221 INR October 0.339802 INR November 0.354145 INR December 0.349911 INR
(21 days average) (22 days average) (23 days average) (20 days average) (23 days average) (22 days average) (21 days average) (23 days average) (21 days average) (22 days average) (20 days average) (23 days average)

2006 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.382706 INR February 0.375353 INR March 0.378074 INR April 0.382964 INR May 0.404645 INR June 0.400388 INR July 0.400541 INR August 0.400683 INR September 0.392692 INR October 0.382392 INR November 0.381305 INR December 0.378933 INR
(21 days average) (22 days average) (22 days average) (21 days average) (23 days average) (20 days average) (22 days average) (23 days average) (20 days average) (23 days average) (19 days average) (21 days average)

2005 - Indian Rupees to 1 JPY (invert)

Average Rates

January 0.422072 INR February 0.415241 INR March 0.414145 INR April 0.407317 INR May 0.407066 INR June 0.400275 INR July 0.388027 INR August 0.393764 INR September 0.394486 INR October 0.389618 INR November 0.385306 INR December 0.384794 INR
(22 days average) (22 days average) (21 days average) (22 days average) (23 days average) (21 days average) (22 days average) (22 days average) (20 days average) (23 days average) (19 days average) (20 days average)

2004 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.427752 INR February 0.424352 INR March 0.414522 INR April
(23 days average) (19 days average) (20 days average)

0.407796 INR May 0.402716 INR June 0.415867 INR July 0.420679 INR August 0.420234 INR September 0.418349 INR October 0.420518 INR November 0.429882 INR December 0.422394 INR

(22 days average)

(20 days average)

(22 days average)

(21 days average)

(22 days average)

(21 days average)

(20 days average)

(19 days average)

(23 days average)

2003 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.403651 INR February 0.40015 INR March 0.401761 INR April 0.395279 INR May 0.401416 INR June 0.394675 INR July 0.389419 INR
(22 days average) (21 days average) (21 days average) (22 days average) (21 days average) (19 days average) (21 days average)

August 0.387306 INR September 0.39953 INR October 0.414634 INR November 0.417272 INR December 0.423003 INR
(22 days average) (18 days average) (22 days average) (21 days average) (21 days average)

2002 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.364608 INR February 0.364526 INR March 0.372173 INR April 0.374169 INR May 0.38795 INR June 0.397396 INR July 0.413885 INR August 0.408556 INR September 0.400369 INR October 0.390535 INR November
(22 days average) (20 days average) (21 days average) (22 days average) (20 days average) (22 days average) (20 days average) (21 days average) (19 days average) (21 days average)

0.39742 INR December 0.395107 INR

(20 days average)

(21 days average)

Libor
From Wikipedia, the free encyclopedia

It has been suggested that LIBO Rate (Reserve Adjusted) be merged into this article or section. (Discuss) Proposed since September 2010.
The Libor is the average interest rate that leading banks in London charge when lending to other banks. It is an acronym for London Interbank Offered Rate (LIBOR, /ˈlaɪbɔr/). Banks borrow money for one day, one

month, two months, six months, one year, etc., and they pay interest to their lenders based on certain rates. The Libor figure is an average of these rates. Many financial institutions, mortgage lenders and credit card agencies track the rate, which is produced daily at 11 a.m. to fix their own interest rates which are typically higher than the Libor rate. As such, it is a benchmark for finance all around the world.[1]
Contents
[hide]

    

1 Introduction 2 Scope 3 Definition of Libor 4 Technical features 5 Libor-based derivatives

o o     

5.1 Eurodollar contracts 5.2 Interest rate swaps

6 Reliability 7 See also 8 References 9 Further reading 10 External links

[edit]Introduction
In 1984, it became apparent that an increasing number of banks were trading actively in a variety of relatively new market instruments, notably interest rate swaps, foreign currency options andforward rate agreements.

While recognizing that such instruments brought more business and greater depth to the London Interbank market, bankers worried that future growth could be inhibited unless a measure of uniformity was introduced. In October 1984, the British Bankers' Association (BBA)—working with other parties, such as the Bank of England—established various working parties, which eventually culminated in the production of the BBA standard for interest rate swaps, or "BBAIRS" terms. Part of this standard included the fixing of BBA interestsettlement rates, the predecessor of BBA Libor. From 2 September 1985, the BBAIRS terms became standard market practice. BBA Libor fixings did not commence officially before 1 January 1986. Before that date, however, some rates were fixed for a trial period commencing in December 1984. Member banks are international in scope, with more than sixty nations represented among its 223 members and 37 associated professional firms (as of 2008).

[edit]Scope
The LIBOR is widely used as a reference rate for many financial instruments, such as:

       

forward rate agreements short-term-interest-rate futures contracts interest rate swaps inflation swaps floating rate notes syndicated loans variable rate mortgages currencies, especially the US dollar (see also Eurodollar).

They, thus, provide the basis for some of the world's most liquid and active interest-rate markets. For the euro, however, the usual reference rates are the Euribor rates compiled by the European Banking Federation, from a larger bank panel. A euro Libor does exist, but mainly for continuity purposes in swap contracts dating back to pre-EMU times. LIBOR is an estimate and not interred in the legally binding contracts of an LLC. It is, however, specifically mentioned as a reference rate in the market standard International Swaps and Derivatives Association documentation, which are used by parties wishing to transact in over-thecounter interest rate derivatives. Libor is used by the Swiss National Bank as their reference rate for monetary policy.[2]

[edit]Definition

of Libor Libor - Wikipedia, the free encyclopedia

en.wikipedia.org/wiki/Libor

London Interbank Offered Rate (LIBOR) Definition | Investopedia
www.investopedia.com/terms/l/libor.asp

Libor is defined as: The rate at which an individual Contributor Panel bank could borrow funds, were it to do so by asking for and then accepting inter-bank offers in reasonable market size, just prior to 11.00 London time. This definition is amplified as follows:

The rate at which each bank submits must be formed from that bank’s perception of its cost of funds in the interbank market.

 

Contributions must represent rates formed in London and not elsewhere. Contributions must be for the currency concerned, not the cost of producing one currency by borrowing in another currency and accessing the required currency via the foreign exchange markets.

The rates must be submitted by members of staff at a bank with primary responsibility for management of a bank’s cash, rather than a bank’s derivative book.

The definition of ―funds‖ is: unsecured interbank cash or cash raised through primary issuance of interbank Certificates of Deposit.

For other details of BBA Libor, see the BBA guide: BBA LIBOR explained.

[edit]Technical

features

Libor is calculated and published by Thomson Reuters on behalf of the British Bankers' Association (BBA) after 11:00 AM (and generally around 11:45 AM) each day (London time). It is a trimmed average of interbank deposit rates offered by designated contributor banks, for maturities ranging from overnight to one year. Libor is calculated for 10 currencies. There are eight, twelve, sixteen or twenty contributor banks on each currency panel, and the reported interest is the mean of the 50% middle values (the interquartile mean). The rates are a benchmark rather than a tradable rate; the actual rate at which banks will lend to one another continues to vary throughout the day. Libor is often used as a rate of reference for pound sterling and other currencies, including US dollar, euro, Japanese yen, Swiss franc, Canadian dollar, Australian dollar, Swedish krona, Danish krone, and New Zealand dollar. In the 1990s, the yen Libor was influenced by credit problems affecting some of the contributor banks. Six-month USD Libor is used as an index for some US mortgages. In the UK, the three-month GBP Libor is used for some mortgages—especially for those with adverse credit history.

[edit]Libor-based [edit]Eurodollar

derivatives

contracts

The Chicago Mercantile Exchange's Eurodollar contracts are based on three-month US dollar Libor rates. They are the world's most heavily traded short term interest rate futures contracts and extend up to ten years. Shorter maturities trade on the Singapore Exchange in Asian time.

[edit]Interest

rate swaps

Interest rate swaps based on short Libor rates currently trade on the interbank market for maturities up to 50 years. In the swap market a "five year Libor" rate refers to the 5 year swap rate where the floating leg of the swap references 3 or 6 month Libor (this can be expressed more precisely as for example "5 year rate vs 6 month Libor"). "Libor + x basis points", when talking about a bond, means that the bond's cash flows have to be discounted on the swaps' zero-coupon yield curve shifted by x basis points in order to equal the bond's actual market price. The day count conventionfor Libor rates in interest rate swaps is Actual/360, except for the GBP currency for which it is Actual/365 (fixed).[3]

[edit]Reliability
On Thursday, 29 May 2008, The Wall Street Journal (WSJ) released a controversial study suggesting that banks may have understated borrowing costs they reported for Libor during the 2008 credit crunch.[4] Such underreporting could have created an impression that banks could borrow from other banks more cheaply than they could in reality. It could also have made the banking system or specific contributing bank appear healthier than it was during the 2008 credit crunch. For example, the study found that rates at which one major bank "said it could borrow dollars for three months were about 0.87 percentage point lower than the rate calculated using default-insurance data." To further bring this case to light, The Wall Street Journal released another article dealing with this matter titled "U.S. Probe Presents Dilemma over Libor" on Friday, March 18, 2011. The article stated that regulators are focusing on Bank of America Corp., Citi-group Inc. and UBS AG. Making a case would be very difficult because determining the LIBOR rate does not occur on an open exchange. According to people familiar with the situation, subpoenas have been issued to the three banks. In response to the study released by the WSJ, the British Bankers' Association announced that Libor continues to be reliable even in times of financial crisis. According to the British Bankers' Association, other proxies for financial health, such as the default-credit-insurance market, are not necessarily more sound than Libor at times of financial crisis, though they are more widely used in Latin America, especially the Ecuadorian and Bolivian markets.

Additionally, other authorities have contradicted the Wall Street Journal article. In its March 2008 Quarterly Review, The Bank for International Settlements has stated that "available data do not support the hypothesis that contributor banks manipulated their quotes to profit from positions based on fixings." Further, in October 2008 the International Monetary Fund published its regularGlobal Financial Stability Review which also found that "Although the integrity of the U.S. dollar Libor-fixing process has been questioned by some market participants and the financial press, it appears that U.S. dollar Libor remains an accurate measure of a typical creditworthy bank’s marginal cost of unsecured U.S. dollar term funding." However, on Feb 28. 2012, it was revealed that the SEC is conducting a criminal investigation into LIBOR abuse. [4] Among the abuses being investigated are the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an unprecedented amount of insider knowledge into global instruments. Since LIBOR underpins approximately $350 trillion in derivatives, a trader with inside information could make tens of millions of dollars illegally on a single transaction.

2002 - Indian Rupees to 1 EUR (invert)

Average Rates January 42.7139 INR February 42.415 INR March 42.7507 INR April 43.3724 INR May 44.9465 INR June 46.8343 INR July 48.4719 INR August 47.5478 INR
(21 days average) (22 days average) (20 days average) (22 days average) (20 days average) (21 days average) (19 days average) (21 days average)

September 47.5239 INR October 47.476 INR November 48.374 INR December 49.0824 INR
(21 days average) (20 days average) (22 days average) (20 days average)

2003 - Indian Rupees to 1 EUR (invert)

Average Rates January 50.9418 INR February 51.4936 INR March 51.4787 INR April 51.4774 INR May 54.4355 INR June 54.5196 INR July 52.5296 INR August 51.2658 INR September 51.6551 INR October 53.1581 INR November
(22 days average) (21 days average) (21 days average) (22 days average) (21 days average) (21 days average) (22 days average) (21 days average) (19 days average) (21 days average)

53.3483 INR December 56.0419 INR

(18 days average)

(22 days average)

2004 - Indian Rupees to 1 EUR (invert)

Average Rates January 57.4488 INR February 57.2263 INR March 55.1381 INR April 52.6212 INR May 54.2102 INR June 55.2673 INR July 56.4902 INR August 56.4727 INR September 56.2964 INR October 57.2009 INR November 58.5189 INR December 58.7807 INR
(23 days average) (19 days average) (20 days average) (21 days average) (22 days average) (21 days average) (22 days average) (20 days average) (22 days average) (23 days average) (19 days average) (20 days average)

2005 - Indian Rupees to 1 EUR (invert)

Average Rates January 57.2336 INR February 56.7058 INR March 57.4672 INR April 56.4894 INR May 55.0906 INR June 52.9053 INR July 52.2802 INR August 53.5452 INR September 53.7074 INR October 53.8028 INR November 53.7915 INR December 54.0153 INR
(22 days average) (22 days average) (21 days average) (22 days average) (23 days average) (21 days average) (22 days average) (22 days average) (20 days average) (23 days average) (19 days average) (20 days average)

2006 - Indian Rupees to 1 EUR (invert)

Average Rates January 53.5338 INR February 52.8053 INR March 53.3315 INR April 55.0152 INR May 57.7336 INR June 58.0969 INR July 58.7948 INR August 59.4996 INR September 58.5821 INR October 57.2256 INR November 57.6416 INR December 58.7171 INR
(21 days average) (22 days average) (22 days average) (21 days average) (23 days average) (20 days average) (22 days average) (23 days average) (20 days average) (23 days average) (19 days average) (21 days average)

2007 - Indian Rupees to 1 EUR (invert)

Average Rates January 57.4703 INR February 57.5813 INR March 58.0052 INR
(22 days average) (20 days average) (23 days average)

April 56.7705 INR May 54.8123 INR June 54.4747 INR July 55.2693 INR August 55.4264 INR September 55.8735 INR October 56.0302 INR November 57.7252 INR December 57.297 INR
(21 days average) (22 days average) (23 days average) (20 days average) (23 days average) (22 days average) (21 days average) (23 days average) (21 days average)

2008 - Indian Rupees to 1 EUR (invert)

Average Rates January 57.7973 INR February 58.5396 INR March 62.3046 INR April 62.9612 INR May 65.1937 INR June 66.547 INR July
(21 days average) (22 days average) (22 days average) (21 days average) (21 days average) (23 days average)

67.3178 INR August 64.1831 INR September 65.2135 INR October 64.5402 INR November 62.1978 INR December 65.5519 INR

(23 days average)

(21 days average)

(22 days average)

(23 days average)

(20 days average)

(23 days average)

2009 - Indian Rupees to 1 EUR (invert)

Average Rates January 64.5104 INR February 62.8849 INR March 66.8027 INR April 66.0676 INR May 66.1626 INR June 66.9191 INR July 68.2332 INR August 68.9569 INR September 70.4154 INR October 69.216 INR
(22 days average) (22 days average) (21 days average) (23 days average) (22 days average) (21 days average) (21 days average) (22 days average) (20 days average) (21 days average)

November 69.4421 INR December 68.0924 INR
(22 days average) (21 days average)

2010 - Indian Rupees to 1 EUR (invert)

Average Rates January 65.5361 INR February 63.4291 INR March 61.7352 INR April 59.6338 INR May 57.6166 INR June 56.8582 INR July 59.81 INR August 60.0945 INR September 60.0771 INR October 61.7399 INR November 61.4539 INR December 59.6472 INR
(23 days average) (22 days average) (21 days average) (22 days average) (21 days average) (22 days average) (22 days average) (21 days average) (21 days average) (23 days average) (20 days average) (20 days average)

2011 - Indian Rupees to 1 EUR (invert)

Average Rates January 60.6803 INR February 61.9801 INR March 62.9527 INR April 64.1441 INR May 64.4734 INR June 64.52 INR July 63.3537 INR August 65.0717 INR September 65.5964 INR October 67.5519 INR November 68.833 INR December 69.2066 INR
(21 days average) (22 days average) (21 days average) (22 days average) (23 days average) (21 days average) (22 days average) (22 days average) (20 days average) (23 days average) (20 days average) (21 days average)

2012 - Indian Rupees to 1 EUR (invert)

Average Rates January 66.0601 INR February 65.0589 INR March 66.5399 INR April 68.1284 INR May 69.6319 INR June 69.0085 INR
(4 days average) (23 days average) (20 days average) (22 days average) (21 days average) (22 days average)

2012 - Indian Rupees to 1 USD (invert)

Average Rates January 51.1976 INR February 49.1978 INR March 50.404 INR April 51.7775 INR May 54.3858 INR June 55.5705 INR
(4 days average) (23 days average) (20 days average) (22 days average) (21 days average) (22 days average)

2011 - Indian Rupees to 1 USD (invert)

Average Rates January 45.3975 INR February 45.423 INR March 44.9699 INR April 44.3954 INR May 44.9377 INR June 44.8426 INR July 44.4151 INR August 45.365 INR September 47.6585 INR
(22 days average) (23 days average) (21 days average) (22 days average) (22 days average) (20 days average) (23 days average) (20 days average) (21 days average)

October 49.2856 INR November 50.7911 INR December 52.5228 INR
(21 days average) (22 days average) (21 days average)

2010 - Indian Rupees to 1 USD (invert)

Average Rates January 45.9216 INR February 46.3472 INR March 45.4982 INR April 44.4714 INR May 45.8716 INR June
(21 days average) (21 days average) (23 days average) (20 days average) (20 days average)

46.5758 INR July 46.8363 INR August 46.5791 INR September 45.9904 INR October 44.425 INR November 44.9986 INR December 45.1192 INR

(22 days average)

(22 days average)

(21 days average)

(22 days average)

(21 days average)

(22 days average)

(23 days average)

2009 - Indian Rupees to 1 USD (invert)

Average Rates January 48.7326 INR February 49.1914 INR
(20 days average) (21 days average)

March 51.2062 INR April 50.0596 INR May 48.5497 INR June 47.7459 INR July 48.4358 INR August 48.3314 INR September 48.3606 INR October 46.7192 INR November 46.5619 INR December 46.5987 INR
(22 days average) (21 days average) (22 days average) (22 days average) (21 days average) (23 days average) (22 days average) (21 days average) (21 days average) (22 days average)

2008 - Indian Rupees to 1 USD (invert)

Average Rates January 39.2704 INR February 39.6724 INR March 40.1452 INR April 39.9668 INR May 41.8814 INR June 42.7633 INR July 42.723 INR August 42.9248 INR September 45.4264 INR October
(22 days average) (21 days average) (23 days average) (21 days average) (22 days average) (22 days average) (21 days average) (21 days average) (23 days average)

48.6196 INR November 48.7905 INR December 48.4804 INR

(23 days average)

(20 days average)

(23 days average)

2007 - Indian Rupees to 1 USD (invert)

Average Rates January 44.2117 INR February 44.012 INR March 43.7936 INR April 42.0176 INR May 40.5561 INR June 40.5905 INR
(21 days average) (23 days average) (21 days average) (22 days average) (20 days average) (23 days average)

July 40.28 INR August 40.6791 INR September 40.1735 INR October 39.3661 INR November 39.3168 INR December 39.3752 INR
(21 days average) (22 days average) (23 days average) (20 days average) (23 days average) (22 days average)

2006 - Indian Rupees to 1 USD (invert)

Average Rates January 44.2324 INR February 44.2284 INR March
(19 days average) (21 days average)

44.3378 INR April 44.8245 INR May 45.2226 INR June 45.8886 INR July 46.3675 INR August 46.4461 INR September 46.0281 INR October 45.3582 INR November 44.7209 INR December 44.4781 INR

(23 days average)

(20 days average)

(23 days average)

(22 days average)

(20 days average)

(23 days average)

(21 days average)

(22 days average)

(22 days average)

(21 days average)

2005 - Indian Rupees to 1 USD (invert)

Average Rates January 43.615 INR February 43.5758 INR March 43.5861 INR April 43.6465 INR May 43.4095 INR June 43.5245 INR July 43.4348 INR August 43.55 INR September 43.8445 INR October 44.7357 INR November 45.6377 INR
(22 days average) (21 days average) (22 days average) (23 days average) (21 days average) (22 days average) (22 days average) (20 days average) (23 days average) (19 days average) (20 days average)

December 45.5427 INR
(22 days average)

2004 - Indian Rupees to 1 USD (invert)

Average Rates January 45.456 INR February 45.2726 INR March 44.9693 INR April 43.8918 INR May 45.1755 INR June 45.5027 INR July 46.0557 INR August
(21 days average) (22 days average) (20 days average) (22 days average) (23 days average) (19 days average) (20 days average)

46.322 INR September 46.0548 INR October 45.7355 INR November 45.0358 INR December 43.847 INR

(22 days average)

(21 days average)

(20 days average)

(19 days average)

(23 days average)

2003 - Indian Rupees to 1 USD (invert)

Average Rates January 47.9571 INR February 47.7474 INR March 47.6767 INR April 47.3909 INR
(22 days average) (21 days average) (19 days average) (21 days average)

May 47.11 INR June 46.6995 INR July 46.22 INR August 45.9557 INR September 45.8467 INR October 45.4036 INR November 45.5544 INR December 45.5741 INR
(22 days average) (18 days average) (22 days average) (21 days average) (21 days average) (22 days average) (21 days average) (21 days average)

2002 - Indian Rupees to 1 USD (invert)

Average Rates January

48.3543 INR February 48.7168 INR March 48.7667 INR April 48.9395 INR May 49.0168 INR June 48.984 INR July 48.7877 INR August 48.6138 INR September 48.4625 INR October 48.3882 INR November 48.2845 INR December 48.1495 INR

(21 days average)

(19 days average)

(21 days average)

(20 days average)

(22 days average)

(20 days average)

(22 days average)

(21 days average)

(20 days average)

(22 days average)

(20 days average)

(21 days average)

2012 - Indian Rupees to 1 JPY (invert)

Average Rates January 0.665208 INR February 0.627317 INR March 0.611182 INR April 0.636949 INR May 0.682042 INR June 0.708771 INR
(4 days average) (23 days average) (20 days average) (22 days average) (21 days average) (22 days average)

DFIs can be broadly categorised as all-India or state / regional level institutions depending on their geographical coverage of operation. Functionally, all-India institutions can be classified as (i) term-lending institutions (IFCI Ltd., IDBI, IDFC Ltd., IIBI Ltd.) extending long-term finance to different industrial sectors, (ii) refinancing institutions (NABARD, SIDBI, NHB)

4 For full names of DFIs please see Annexure II 5 ‘Reserve Bank of India: Functions and Working’ 4 th Edition, 1983extending refinance to banking as well as non-banking intermediaries for finance to agriculture, SSIs and housing sectors, (iii) sector-specific / specialised institutions (EXIM Bank, TFCI Ltd., REC Ltd., HUDCO Ltd., IREDA Ltd., PFC Ltd., IRFC

Ltd.), and (iv) investment institutions (LIC, UTI, GIC, IFCI Venture Capital Funds Ltd., ICICI Venture Funds Management Co Ltd.). State / regional level institutions are a distinct group and comprise various SFCs, SIDCs and NEDFi Ltd. A brief description of evolution of and objective behind setting up of various financial institutions is furnished in Annexure I.

PTA BANK
PTA Bank aims to fund projects finance loans using medium to long-term sources of capital. Besides the paid in capital and local currency bond issues, long-term funds are sourced from lines of credit negotiated with various banks and international development financial institutions (DFI’s)

MORATORIUM PERIOD: Moratorium Definition | Investopedia
www.investopedia.com/terms/m/moratorium.asp

Definition of 'Moratorium'
1) A period of time in which there is a suspension of a specific activity until future events warrant a removal of the suspension or issues regarding the activity have been resolved. 2) In bankruptcy law, a legally binding halt of the right to collect debt.

Investopedia explains 'Moratorium'
1) For example, if a company is going through rough times it might have a moratorium on advertising spending. In other words, to cut costs, it won't spend any money on advertising. 2) Such action may be imposed by a government, or taken voluntarily by a private business, usually in times of economic crisis such as an earthquake or flood, in order to provide people with time to stabilize their finances before dealing with potential problems such as a mortgage default and foreclosure.
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IN CASE OF LOANS

In terms of loans, a moratorium period refers to a period of time that is agreed on between the lender and the borrower in which the loan and the interest is to be repaid. Moratorium: Why are they available? The main principle of having a moratorium is so an individual who has taken out a loan has some extra time to pay it back to the lender. However, each moratorium period is different depending on each individualcircumstance. Some people may be awarded a longer period of time than others depending on the amount they have borrowed or the reasons why they are not available to pay it back straight away. This is usually the process that is agreed on before the creditor makes official demands for the repayment.

Debt Moratorium

This method is used quite a lot when it comes to debt repayment. In this case, the creditor gives the debtor a later date to begin paying back the required amount; however there is no specific date used in thesecircumstances either. It is simply judged depending on the situation and how much debt needs to be repaid. If the debt is not paid back within this time period then the creditor will take additional measures to claim back the debt from you.

Debt Forgiveness

In some cases the situation may come to a head where the creditor awards debt forgiveness, although this is relatively rare. This process consists of the creditor letting you off from paying the whole amount or a section of the debt in question. In most instances this is only awarded if it is virtually impossible for the person(s) to pay back their debt.

Definition of 'Sinking Fund'
Sinking Fund Definition | Investopedia
www.investopedia.com/terms/s/sinkingfund.asp

sinking+fund - Financial Dictionary - The Free Dictionary

financial-dictionary.thefreedictionary.com/sinking+fund

A means of repaying funds that were borrowed through a bond issue. The issuer makes periodic payments to a trustee who retires part of the issue by purchasing the bonds in the open market.

Investopedia explains 'Sinking Fund'
Rather than the issuer repaying the entire principal of a bond issue on the maturity date, another company buys back a portion of the issue annually and usually at a fixed par value or at the current market value of the bonds, whichever is less. Should interest rates decline following a bond issue, sinking-fund provisions allow a firm to lessen the interest rate risk of its bonds as it essentially replaces a portion of existing debt with lower-yielding bonds. From the investor's point of view, a sinking fund adds safety to a corporate bond issue: with it, the issuing company is less likely to default on the repayment of the remaining principal upon maturity since the amount of the final repayment is substantially less. This added safety affects the interest rate at which the company is able to offer bonds in the marketplace.
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ENESIS OF IFCI At the time of independence in 1947, India's capital market was relatively under-developed. Although there was significant demand for new capital, there was a dearth of providers. Merchant bankers and underwriting firms were almost nonexistent and commercial banks were not equipped to provide long-term industrial finance in any significant manner. It is against this backdrop that the government established The Industrial Finance Corporation of India (IFCI) on July 1, 1948, as the first Development Financial Institution in the country to cater to the long-term finance needs of the industrial sector. The newly-established DFI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates.

Infrastructure Finance Companies of India – Sources of Financing of Indian Infra Projects (IDFC,IL&FS,IFCI,PFC,REC)
Infrastructure Finance Companies of India – Sources of Financing of ...
www.greenworldinvestor.com/.../infrastructure-finance-... - United States

Rural Electrification Corporation (REC) Infrastructure Development Financial Corporation (IDFC)

The Industrial Finance Corporation of India (IFCI) Infrastructure Leasing & Financial Services Limited (IL&FS) Power Finance Corporation (PFC India Infrastructure Finance Company Ltd (IIFCL) L&T Infrastructure Finance Company Srei Infrastructure Finance Limited

EU-Africa Infrastructure Trust Fund Access to transport and communication services, water and energy is at the heart of reducing poverty and achieving sustainable economic growth. Europe and Africa are working together to bridge Africa’s infrastructure deficit. The EU-Africa Infrastructure Trust Fund, an instrument of the EU-Africa Partnership on Infrastructure, supports this objective. The Fund promotes regional infrastructure schemes to foster wider African development.

Terms & conditions:
Loan appraisal and terms/conditions:

In accordance with IFCI’s prescribed risk based assessment procedures, each loan application will be assessed and suitable margin/securities will be stipulated based on such risk assessment and IFCI’s extant guidelines, however without compromising on due diligence. The sanction of assistance along with the terms and conditions thereof is to be conveyed to the borrower in writing and borrower’s acceptance of such terms and conditions will be obtained in writing. Such terms and conditions as have been

mutually agreed upon between IFCI and borrower prior to the sanction and general terms and conditions applicable to such assistance will be stipulated. Copy of loan documents, along with a copy of all relevant enclosures will be made available to the borrower. Standard sanction letter would include instances of approval, disallowance, etc. IFCI shall be under no legal obligation to consider increase/additional limits/facilities without proper review/assessment. In case of lending under consortium arrangement, the participating Financial Institutions / Banks would decide the timeframe to complete appraisal of the proposal and communication of the decision. IFCI will abide by the decision of the consortium. III. Disbursement of loans including changes in terms and conditions:

  

Disbursement of loans sanctioned is to be made immediately on compliance of terms and conditions including execution of loan documents governing such sanction. Any change in terms and conditions, including interest rate and other charges / levies will be informed individually to the borrowers in case of account specific changes and in case of others by Public Notice/IFCI's website from time to time. Changes in interest rates and charges / levies will be effected prospectively. Consequent upon such changes any supplemental deeds / documents or writings are required to be executed, the same shall also be advised. Further, availability of facility will be subject to execution of such deeds / documents or writings.

Terms & conditions :(IL&FS) Application and Processing of Loans : (1) A loan application form shall be provided to clients for all standardised products offered by the Company. The same shall :

(a) Mention applicable terms and conditions (b) Provide a schedule of all supporting documentation required to enable processing of the application

(c) All communications to the borrower shall be in English language with an option to choose a vernacular language Additional information and support documentation may occasionally be found necessary in course of processing a client application. The need for such information and documentation shall, in all such cases, be explained to the client and reasonable time provided for submission of the same (3) An acknowledgement shall be provided for all applications received. The Company shall adopt an internal time frame for processing all loan applications. The time frame within which an application will be processed shall be mentioned on the acknowledgement III Loan Appraisal Terms/Conditions :

(1) Offer letter shall be in English language with an option to choose a vernacular language and include all the terms and conditions of the loan including annualised rate of interest and method of application (viz monthly, quarterly, advance/arrears etc) (2) Acceptance of these terms and conditions by the borrower shall be kept on record (3) Penal interest charged for late repayment shall be mentioned in bold in the Offer letter IV Disbursement of Loans Including Changes in Terms and Conditions : (1) Change in interest rate and other commercial terms shall be in English language with an option to choose a vernacular language and made with

prospective effect other than under circumstances arising from regulatory instructions. Retrospective changes shall as far as possible be avoided and may be implemented only within the framework defined in the Loan Agreements (2) Any change in the terms and conditions of sanction shall be effected only after due notice has been given to the client (3) Any decision to recall/accelerate payment or performance under the agreement should be in consonance with the loan agreement

Rating Rating - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Rating

From Wikipedia, the free encyclopedia

Look up rating in Wiktionary, the free dictionary.

A rating is the evaluation or assessment of something, in terms of quality (as with a critic rating a novel), quantity (as with an athlete being rated by his or her statistics), or some combination of both.

Top 10 Credit Rating Agencies of the world
Top 10 Credit Rating Agencies of the world » WEALTHSON ...
www.wealthson.com/1327/top-10-credit-rating-agencies-of-the-world

1.

2.

3.

MODDY’S Moody’s is the oldest credit rating agency. It is also the first rating agency to be recognized by NRSRO in 1975. The company became public in 2000. It has been earning huge profits. Average profit margin was 53% from 2000 to 2007. Structured finance products was its top source of revenue by 2000. Standard & Poor’s The agency is owned by Mc Graw-Hill Inc. It has been published any stock indices of the world, most famous being S&P 500 index which is the most watched index in the world. McGraw-Hill reported a net profit margin of 12.6 percent for 2008. Fitch Fitch is smallest among the top three agencies. It is a part of Fitch Group, a subsidiary of Fimalac S.A FIM.PA. Was the third agency to become an NRSRO in 1975. From 1975 to 1992, four other agencies were recognized as NRSROs and all subsequently merged with Fitch.

4.DBRS DBRS is privately owned Canadian ratings agency. Has been the top ratings agency in Canada for 30 years. It became the fourth NRSRO in 2003. DBRS believes that it can compete with the big three but is not favored by authorities 5.Egan jones: Egan-Jones is a Philadelphia-based agency founded in 1995. It was granted NRSRO status in December 2007 after a nine-year process. Although they are paid by investor-subscribers, Egan-Jones will give out their ratings to anyone who asks. 6.AM BEST A.M Best was founded in 1899 in New York City and became an NRSRO in 2005. It specializes exclusively on the insurance marketplace and so not a competitor with the others per se. But has recently begun issuing debt and financial-strange ratings for small and mid-sized commercial banks. 7.Japan credit rating agency limited: Japan Credit rating Agency was established in 1985 and based in Tokyo and it became an NRSRO in 2007. It is a small agency when compared to competitors. it has a staff of just 90.

8.Rating & Investment information inc

The second Japanese credit ratings agency to become an NRSRO in 2007. It was set up in 1975, now based in Nihonbashi. New York office was set up in 2005.

S&P | Ratings Credit Ratings Definitions & FAQs | Americas
www.standardandpoors.com/ratings/definitions-and-faqs/en/us

What do the letter ratings mean? The general meaning of our credit rating opinions is summarized below. ‘AAA’—Extremely strong capacity to meet financial commitments. Highest Rating. ‘AA’—Very strong capacity to meet financial commitments. ‘A’—Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances. ‘BBB’—Adequate capacity to meet financial commitments, but more subject to adverse economic conditions. ‘BBB-‘—Considered lowest investment grade by market participants. ‘BB+’—Considered highest speculative grade by market participants. ‘BB’—Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions. ‘B’—More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments. ‘CCC’—Currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments. ‘CC’—Currently highly vulnerable. ‘C’—Currently highly vulnerable obligations and other defined circumstances. ‘D’—Payment default on financial commitments. Note: Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

Moody's

S&P

Fitch

Long-term Short-term Long-term Short-term Long-term Short-term

Aaa

P-1

AAA

A-1+

AAA

F1+

Prime

Aa1

AA+

AA+

Aa2

AA

AA

High grade

Aa3

AA-

AA-

A1

A+ A-1

A+ F1 A Upper medium grade

A2

A

A3 P-2 Baa1

AA-2 BBB+

AF2 BBB+

Baa2 P-3 Baa3

BBB A-3 BBB-

BBB F3 BBB-

Lower medium grade

Ba1

BB+

BB+

Ba2

BB

BB

Non-investment grade speculative

Ba3

Not prime

BB-

B

BB-

B

B1

B+

B+ Highly speculative

B2

B

B

B3

B-

B-

Caa1

CCC+

Substantial risks

Caa2

CCC

Extremely speculative

Caa3

CCC-

C

CCC

C

CC Ca C

In default with little prospect for recovery

C

DDD

/

D

/

DD

/

In default

/

D

HEDGING IN FOREX: Foreign exchange hedge - Wikipedia, the
free encyclopedia
en.wikipedia.org/wiki/Foreign_exchange_hedge

What is hedging as it relates to forex trading?
www.investopedia.com/.../forex/forex-hedge-and-currency-hedging-..

When a currency trader enters into a trade with the intent of protecting an existing or anticipated position from an unwanted move in the foreign currency exchange rates, they can be said to have entered into a forex hedge. By utilizing a forex hedge properly, a trader that is long a foreign currency pair, can protect themselves from downside risk; while the trader that is short a foreign currency pair, can protect against upside risk. The primary methods of hedging currency trades for the retail forex trader is through:   Spot contracts, and Foreign currency options.

Spot contracts are essentially the regular type of trade that is made by a retail forex trader. Because spot contracts have a very short-term delivery date (two days), they are not the most effective currency hedging vehicle. Regular spot contracts are usually the reason that a hedge is needed, rather than used as the hedge itself. Foreign currency options, however are one of the most popular methods of currency hedging. As with options on other types of securities, the foreign currency option gives the purchaser the right, but not the obligation, to buy or sell the currency pair at a particular exchange rate at some time in the future. Regular options strategies can be employed, such as long straddles, long strangles and bull or bear spreads, to limit the loss potential of a given trade

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Hedge
A hedge is a type of derivative, or a financial instrument, that derives its value from an underlying asset. This concept is important and will be discussed later. Hedging is a way for a company to minimize or eliminate foreign exchange risk. Two common hedges are forwards and options. A Forward contract will lock in an exchange rate at which the transaction will occur in the future. An option sets a rate at which the company may choose to exchange currencies. If the current exchange rate is more favorable, then the company will not exercise this option.

Historically, from 1972 until 2012, Japan Interest Rate averaged 3.3300 Percent reaching an all time high of 9.0000 Percent in January of 1975 and a record low of 0.0000 Percent in December of 2010. In Japan, decisions on interest rates are made by the Bank of Japan's Policy Board in its Monetary Policy Meetings. The BoJ's official interest rate is the discount rate. Monetary Policy Meetings produce a guideline for money market operations in inter-meeting periods and this guideline is written in terms of a target for the uncollateralized overnight call rate. This page includes a chart with historical data for Japan Interest Rate.

guarantee fee Definition Amount charged by a guarantor, usually as a percentage of an associated sum but sometimes as a fixed fee. For example, a bank may charge a percentage fee to guarantee the payment on a note but may charge a fixed amount for converting a bearer check to a manager's check whose payment is guaranteed by the bank. also called g-fee.

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What is guarantee fee? definition and meaning
www.investorwords.com/7332/guarantee_fee.html

Investopedia explains 'Guarantee Fees'
Commonly known in the industry as "g-fees", this small deduction (the average is 15-25 basis points in relation to the stated coupon rate) allows the corporations selling the MBS to make a profit, while benefiting both mortgage lenders and borrowers by making groups of mortgages more marketable and liquid. This helps bring investor capital into the business, allowing all participants to lower their risk exposure and enabling them to offer mortgages to borrowers of lower credit quality. The coupon rate on an MBS (also known as the pass-through rate) is the average rate on the underlying mortgages minus the guarantee fees
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Guarantee Fees Definition | Investopedia
www.investopedia.com/terms/g/guarantee_fees.asp

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