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Determine the cancellation charges payable

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Question - On 15th January 2015 you as a banker booked a forward contract for US$ 250000 for your import customer deliverable on 15th March 2015. On due date customer request you to cancel the contract. On this date quotation for US$ in the inter-bank market is as follows:

Spot '/$65.2900/2975

Spot/ April 3000/3100

Spot/ May 6000/6100

Assuming that the flat charges for the cancellation is '100 and exchange margin is 0.10%, then determine the cancellation charges payable by the customer.

Reference no: EM132774927

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