fOREX MCQs

Date: 28 July 2020
VIRTUAL COACHING CLASSES

ORGANISED BY BOS, ICAI
CA FINAL LEVEL
PAPER : FOREIGN EXCHANGE EXPOSURE AND
RISK MANAGEMENT
Faculty: Parvesh Aghi
© The Institute of Chartered Accountants of India

BASIC
CONCEPTS
MCQ’S
2
1
■ Direct and indirect quotes are ………….. of each other
A. Reciprocals
B. Proportionate
C. Equal
D. Unequal
Monday, Septe © The Institute of Chartered Accountants of India 3

1
■ Direct and indirect quotes are ………….. of each other
A. Reciprocals
B. Proportionate
C. Equal
D. Unequal

2
■ Direct quotation is when the one unit of foreign currency is

expressed in terms of …………….
A. American terms
B. cross currency
C. domestic currency
D. European terms

2
■ Direct quotation is when the one unit of foreign currency is

expressed in terms of …………….
A. American terms
B. cross currency
C. domestic currency
D. European terms

3
■ Indirect quotation is when one unit of domestic currency us

expressed in terms of…………………
A. American terms
B. cross currency
C. Foreign currency
D. European terms

3
■ Indirect quotation is when one unit of domestic currency us

expressed in terms of ……………………..
A. American terms
B. cross currency
C. Foreign currency
D. European terms

4
■ Bid is the price at which the dealer is willing to ………. another

currency
A. Sell
B. Buy
C. Hold
D. Dispose

4
■ Bid is the price at which the dealer is willing to ………. another

currency
A. Sell
B. Buy
C. Hold
D. Dispose

5
■ The ask or offer is the rate at which he is willing to ……….. another

currency
A. Sell
B. Buy
C. Hold
D. Dispose

5
■ The ask or offer is the rate at which he is willing to ……….. another

currency
A. Sell
B. Buy
C. Hold
D. Dispose

6
■ John is an American traveller visiting Europe. The cost of purchasing euros at the
airport is EUR 1 = USD 1.20 / USD 1.30 , George wants to buy EUR 15,000 , how
many dollars he has to pay to the dealer .
A. USD 13000
B. USD 19,500
C. USD 18,000
D. USD 15,000

6
■ John is an American traveller visiting Europe. The cost of purchasing euros at the
airport is EUR 1 = USD 1.20 / USD 1.30 , George wants to buy EUR 15,000 , how
many dollars he has to pay to the dealer .
A. USD 13000
B. USD 19,500
C. USD 18,000
D. USD 15,000

7
■ John is an American traveller returning from Europe. The cost of purchasing

euros at the airport is EUR 1 = USD 1.20 / USD 1.30 , George wants to sell EUR
3,000 , how many dollars he will get from the dealer
A. USD 5,000
B. USD 3,600
C. USD 3,900
D. USD 3,000

7
■ John is an American traveller returning from Europe. The cost of purchasing

euros at the airport is EUR 1 = USD 1.20 / USD 1.30 , George wants to sell EUR
3,000 , how many dollars he will get from the dealer
A. USD 5,000
B. USD 3,600
C. USD 3,900
D. USD 3,000

8
■ The exchange rates expressed by any currency pair that does not involve the …….
are called cross rates
A. Euros
B. Pounds
C. US dollar
D. Rupees

8
■ The exchange rates expressed by any currency pair that does not involve the …….
are called cross rates
A. Euros
B. Pounds
C. US dollar
D. Rupees

9
■ Spot EUR/USD is quoted at a bid price of 1.0213 and an ask price of 1.0219. The
difference is USD 0.0006 equal to 6 ……….
A. Pips
B. Swaps
C. Cents
D. Points

9
■ Spot EUR/USD is quoted at a bid price of 1.0213 and an ask price of 1.0219. The
difference is USD 0.0006 equal to 6 ……….
A. Pips
B. Swaps
C. Cents
D. Points

10
■ In June 2020, one U.S. dollar traded on the foreign exchange market for about .94
swiss francs. Therefore, one swiss franc would have purchased about
■ (a) 2.10 U.S. dollars.
■ (b) 1.10 U.S. dollars.
■ (c) 0.91 U.S. dollars.
■ (d) 1.063 U.S. dollars.

10
■ In June 2020, one U.S. dollar traded on the foreign exchange market for about .94
swiss francs. Therefore, one swiss franc would have purchased about
■ Answer d

11
■ In June 2020, one U.S. dollar traded on the foreign exchange market for about
1.47 Canadian dollars. Therefore, one Canadian dollar would have purchased
about

11
■ In June 2020, one U.S. dollar traded on the foreign exchange market for about
1.46 Canadian dollars. Therefore, one Canadian dollar would have purchased
about
■ Answer c

12
■ Given : If 1 $ = Rs 74.93 & 1 € = $ 1.14 Calculate the cross rate for euros in
rupee terms
A. 85
B. 85.42
C. 85.10
D. 86

12
■ Given : If 1 $ = Rs 74.93 & 1 € = $ 1.14 Calculate the cross rate for euros in
rupee terms
A. 85
B. 85.42
C. 85.10
D. 86

13
■ if 1 SGD = Rs 53.91 , find how many Singapore dollars we get by selling 1,00,000
Rupees ?
A. 1854.94
B. 153,91,000
C. 1,00,000
D. 1800

13
■ if 1 SGD = Rs 53.91 , find how many Singapore dollars we get by selling 1,00,000
Rupees ?
A. 1854.94
B. 153,91,000
C. 1,00,000
D. 1800

14
The immediate (two-day) exchange of one currency for another is a

(a) forward transaction.
(b) spot transaction.
(c) money transaction.
(d) exchange transaction.
(e) daily transaction.

14
The immediate (two-day) exchange of one currency for another is a

(a) forward transaction.
(b) spot transaction.
(c) money transaction.
(d) exchange transaction.
(e) daily transaction.

15
■ Today 1 euro can be purchased for $1.13. This is the

■ (a) spot exchange rate.
■ (b) forward exchange rate.
■ (c) fixed exchange rate.
■ (d) money exchange rate.
■ (e) financial exchange rate.

15
■ Today 1 euro can be purchased for $1.13. This is the

■ (b) forward exchange rate.
■ (c) fixed exchange rate.
■ (d) money exchange rate.
■ (e) financial exchange rate.

16
■ In an agreement to exchange dollars for euros in three months at a price of $0.90

per euro, the price is the
■ (b) money exchange rate.
■ (c) forward exchange rate.
■ (d) monthly exchange rate.
■ (e) fixed exchange rate.

16
■ In an agreement to exchange dollars for euros in three months at a price of $0.90

per euro, the price is the
■ (b) money exchange rate.
■ (c) forward exchange rate.
■ (d) monthly exchange rate.
■ (e) fixed exchange rate.

17
■ When the value of the British pound changes from $1.25 to $1.50, then
■ (a) the pound has appreciated and the dollar has appreciated.
■ (b) the pound has depreciated and the dollar has appreciated.
■ (c) the pound has appreciated and the dollar has depreciated.
■ (d) the pound has depreciated and the dollar has depreciated.

17
■ When the value of the British pound changes from $1.25 to $1.50, then
■ (a) the pound has appreciated and the dollar has appreciated.
■ (b) the pound has depreciated and the dollar has appreciated.
■ (c) the pound has appreciated and the dollar has depreciated.
■ (d) the pound has depreciated and the dollar has depreciated.
■ Answer: C

18
■ In April 2020, one U.S. dollar traded on the foreign exchange market for about 75
Indian rupees. Thus, one Indian rupee would have purchased about

18
■ In April 2020, one U.S. dollar traded on the foreign exchange market for about 75
Indian rupees. Thus, one Indian rupee would have purchased about

19
■ If the British pound appreciates from $0.50 to $0.75 per U.S. dollar, the dollar
depreciates from _____ to _____ pounds per dollar.
■ (a) 2; 2.5
■ (b) 2; 1.33
■ (c) 2; 1.5
■ (d) 2; 1.25

19
■ If the British pound appreciates from $0.50 to $0.75 per U.S. dollar, the dollar
depreciates from _____ to _____ pounds per dollar.
■ (a) 2; 2.5
■ (b) 2; 1.33
■ (c) 2; 1.5
■ (d) 2; 1.25
■ Answer: B

20
£1 = US$1.2679 is a direct quotation of the exchange rate of

sterling.
A. True
B. False

20
£1 = US$1.2679 is a direct quotation of the exchange rate of

sterling.
A. True
B. False
Answer : False

21
■ In India exchange rates for foreign currencies other than US dollar are calculated as
A. Cross rates
B. European terms
C. TT buying rate
D. Indirect rates

21
■ In India exchange rates for foreign currencies other than US dollar are calculated as
A. Cross rates
B. European terms
C. TT buying rate
D. Indirect rates

22
■ The difference in the bid rate and the ask rate in the interbank quotation is called
■ A. swap points
■ B. Margin.
■ C. Spread.
■ D. Auction

22
■ The difference in the bid rate and the ask rate in the interbank quotation is called
■ A. swap points
■ B. Margin.
■ C. Spread.
■ D. Auction
■ ANSWER: C

23
■ Almost all direct quotations of exchange rates involve the US

dollar.
■ Yes
■ No

23
■ Almost all direct quotations of exchange rates involve the US

dollar.
■ Yes
■ No

24
■ The euro is:

A. a currency, the value of which is determined by demand and supply.
B. a currency that is only traded offshore
C. a weighted average of the currencies of EU member countries
D. the currency of EU member countries.

24
■ The euro is:

A. a currency, the value of which is determined by demand and supply.
B. a currency that is only traded offshore
C. a weighted average of the currencies of EU member countries
D. the currency of EU member countries.

25 Mansi : Write 75 instead of 43

FORWARD
CONTRACT & RATES
BASICS
MCQ’S
Monday, September 07 © The Institute of Chartered Accountants of India 52
1
■ In the inter-bank market spot rate is Rs 75.5900 /6900 per US$ and exchange
margin is 0.10% , then the spot merchant rates are likely to be ( without rounding
off)
A. 75.5144 / 75.7657
B. 75.7657 / 75.5144
C. 75.5155 / 75.6143
D. 75.5144/ 75.900

1
■ In the inter-bank market spot rate is Rs 75.5900 /6900 per US$ and exchange
margin is 0.10% , then the spot merchant rates are likely to be ( without rounding
off)
A. 75.5144 / 75.7657
B. 75.7657 / 75.5144
C. 75.6655 / 75.6143

2
A. Hedging is used by corporates to:
B. Decrease the variability of expected cash flows

C. Decrease the variability of income tax paid
D. Increase the variability of income tax paid
E. Increase the variability of forecasted fund flows

2
■ Hedging is used by corporates to:
A. Decrease the variability of expected cash flows

B. Decrease the variability of income tax paid
C. Increase the variability of income tax paid
D. Increase the variability of forecasted fund flows

3
■ Which of the following is not a type of foreign exchange

exposure?
A. Economic exposure
B. Translation exposure
C. Transaction exposure
D. Income tax exposure

3
■ Which of the following is not a type of foreign exchange exposure?

A. Economic exposure
B. Translation exposure
C. Transaction exposure
D. Income tax exposure

4
■ If the price on a future date is higher, then the currency is said to be

at ………..
A. forward premium
B. Forward discount

4
■ If the price on a future date is higher, then the currency is said to be at ………..
A. forward premium
B. Forward discount

5
■ If the forward rate is less than the existing spot rate, it

contains a …….
A. Discount
B. premium

5
■ If the forward rate is less than the existing spot rate, it contains a …….
A. Discount
B. premium

6
■ The currency which carries lower interest rate is always at a

…………..versus the other currency
A. premium
B. discount

6
■ The currency which carries lower interest rate is always at a …………..versus the other currency
A. premium
B. discount

7
■ Interbank exchange rates are …………which are applicable to

transaction among…….
a) wholesale rates , banks
b) retail rates , retail customers
c) wholesale rates , customers
d) Wholesale rates , merchants

7
■ Interbank exchange rates are …………which are applicable to transaction among…….

a) wholesale rates , banks
b) retail rates , retail customers
c) wholesale rates , customers
d) Wholesale rates , merchants

8
■ The spot rate is the rate paid for delivery within ……. business days after the
day the transaction takes place
A. Two
B. Three
C. One
D. Seven

8
■ The spot rate is the rate paid for delivery within ……. business days after the day the transaction
takes place
A. Two
B. Three
C. One
D. Seven

9
■ The major benefit of a currency forward is that its terms are

………..and can be …………..to a particular amount and for any
maturity or delivery period
A. not standardized , tailored
B. fixed , tailored
C. Standardised , not tailored
D. Fixed , not tailored

9
■ The major benefit of a currency forward is that its terms are ………..and can be
…………..to a particular amount and for any maturity or delivery period
A. not standardized , tailored
B. fixed , tailored
C. Standardised , not tailored
D. Fixed , not tailored

10
■ FOREIGN Currency exposure can be avoided by

A. Entering into forward contracts
B. Buying at spot rates
C. Arbitrage
D. None of the above

10
■ FOREIGN Currency exposure can be avoided by

A. Entering into forward contracts
B. Buying at spot rates
C. arbitrage
D. None of the above

11
■ The exchange rates quoted by an authorised dealer to its customers

known as
A. Inter bank rates
B. Merchant rates
C. Commercial rates
D. Wholesale rates

11
■ The exchange rates quoted by an authorised dealer to its customers known as

A. Inter bank rates
B. Merchant rates
C. Commercial rates
D. Wholesale rates

12
■ When is a foreign currency most likely trading at a forward premium?

A. When the forward rate expressed in the domestic currency is below
the spot rate
B. When the forward rate expressed in the foreign/domestic currency is
in equilibrium
C. When the forward rate expressed in the domestic currency is above
the spot rate

12
■ When is a foreign currency most likely trading at a forward premium?

■ A. When the forward rate expressed in the domestic currency is below the spot rate
■ B. When the forward rate expressed in the foreign/domestic currency is in equilibrium
■ C. When the forward rate expressed in the domestic currency is above the spot rate
■ Answer c

EXCHANGE RATE
DETERMINATION
MCQ’S
Monday, September 07 © The Institute of Chartered Accountants of India 77

1
■ The _____ states that exchange rates between any two currencies
will adjust to reflect changes in the price levels of the two
countries.
■ (a) theory of purchasing power parity
■ (b) law of one price
■ (c) theory of money neutrality
■ (d) quantity theory of money

1
■ The _____ states that exchange rates between any two currencies will adjust to reflect
changes in the price levels of the two countries.
■ (a) theory of purchasing power parity
■ (b) law of one price
■ (c) theory of money neutrality
■ (d) quantity theory of money
■ Answer: A

2
■ According to the interest parity condition, if the domestic interest rate is 12

percent and the foreign interest rate is 10 percent, then
A. the expected appreciation of the foreign currency must be 4 percent.
B. the expected appreciation of the foreign currency must be 2 percent.
C. the expected depreciation of the foreign currency must be 2 percent.
D. the expected depreciation of the foreign currency must be 4 percent

2
■ According to the interest parity condition, if the domestic interest rate is 12 percent and
the foreign interest rate is 10 percent, then
■ (a) the expected appreciation of the foreign currency must be 4 percent.
■ (b) the expected appreciation of the foreign currency must be 2 percent.
■ (c) the expected depreciation of the foreign currency must be 2 percent.
■ (d) the expected depreciation of the foreign currency must be 4 percent
■ Answer: B

3
■ The exchange exposure that does not lead to changes in cash flow is
■ A. transaction exposure
■ B. translation exposure
■ C. Economic exposure
■ D. none of the above

3
■ The exchange exposure that does not lead to changes in cash flow is
■ A. transaction exposure
■ B. translation exposure
■ C. Economic exposure
■ D. none of the above
■ ANSWER: B

4
■ Bank maintains foreign currency accounts known as ……..accounts with banks aboard
A. Vostro
B. Nostro
C. Loro
D. current

4
■ Bank maintains foreign currency accounts known as ……..accounts with banks aboard
A. Vostro
B. Nostro
C. Loro
D. current

5
■ The term Loro accounts means …….

A. Your accounts with us
B. Our account with you
C. Their account with you
D. Their account with us

5
■ The term Loro accounts means …….

A. Your accounts with us
B. Our account with you
C. Their account with you
D. Their account with us

1
■ An Australian importer has an obligation to pay ¥1,000,000,000 in 3 months’ time.

Calculate the cost in Australian dollars if the expected spot rate at maturity is A$1 = ¥
65.20/65.30.

■ A New Zealand exporter is due to receive US$4,560,000 in 2 months. The exporter
considers the alternatives of remaining unhedged and selling the US dollars spot upon
receiving them, or hedging by forward selling the US dollar receipts.
■ Spot rate NZ$1 = US$0.4200 0.4205
■ 2 month NZ$ 3.75 3.85% p.a. (62/365)
■ 2 month US$ 2.65 2.75% p.a. (62/360)
(a) Calculate the forward rate at which the exporter could hedge.
(b) If the expectation is that in 2 months’ time the spot rate will be NZ$1 =
US$0.41/4550, should the exporter hedge or remain unhedged?
(c) Calculate the break-even rate between being hedged and unhedged?

Solution
■ The exporter needs to buy NZ$ at the bank’s forward offer rate.
■ Forward offer rate
■ s 0.4205 Bank buys NZ$ spot to cover its forward sale to the importer
■ r C 3.75% Bank lends NZ$ at the market bid rate
■ rT 2.75% Bank borrows US$ at the market offer rate
■ t 62/365 and 62/360

question
■ You have just graduated from the University of Florida and are leaving on a whirlwind tour
to see some friends. You wish to spend usd 1,000 each in Germany, New Zealand, and Great
Britain (usd 3,000 in total). Your bank offers you the following bid-ask quotes: usd/eur
1.304-1.305, usd/nzd 0.670.69, and usd/gbp 1.90-1.95.
■ (a) If you accept these quotes, how many eur, nzd, and gbp do you have at departure?
■ (b) If you return with eur 300, nzd 1,000, and gbp 75, and the exchange rates are unchanged,
how many usd do you have?
■ (c) Suppose that instead of selling your remaining eur 300 once you return home, you want
to sell them in Great Britain. At the train station, you are offered gbp/eur 0.66-0.68, while a
bank three blocks from the station offers gbp/eur 0.665-0.675. At what rate are you willing
to sell your eur 300? How many gbp will you receive?

■ (a) eur 884.56; nzd 1,449.27; gbp 512.82.
■ (b) 301.3 + 670 + 142.5 = usd 1113.8.
■ (c) You will sell at gbp/eur 0.665; you will receive gbp 199.5.

Question
■ Abitibi Bank quotes jpy/eur 155-165, and Bathurst Bank quotes eur/jpy 0.00590.0063.
■ (a) Are these quotes identical?
■ (b) If not, is there a possibility for shopping around or arbitrage?
■ (c) If there is an arbitrage opportunity, how would you profit from it?

■ (a) No, Abitibi Bank’s quotes imply eur/jpy 0.0061 - 0.0065.
■ (b) Since both rates quoted by Abitibi exceed those offered by Bathurst, there is an
arbitrage opportunity.
■ (c) Buy jpy from Bathurst Bank at eur/jpy 0.0063 and sell them to Abitibi Bank at
eur/jpy 0.0061. Equivalently, buy eur from Abitibi at 165 and sell them to Bathurst at
158.7302.

Question 6
■ Citi Bank quotes JPY/ USD 105-106.5, and Honk Kong Bank
quotes USD/JPY 0.0090-0.0093.
(a) Are these quotes identical?
(b) If not, is there a possibility of arbitrage?
(c) If there is an arbitrage opportunity, how would you profit from
it?

Solution
■ (a) No, Citi Bank’s quotes imply USD/ JPY 0.00939 - 0.00952.
(HKB USD/JPY 0.0090-0.0093. )
■ (b) Since both rates quoted by Citi Bank exceed those offered by
Hong Kong Bank, there is an arbitrage opportunity.
■ (c) Buy JPY from Hong Kong Bank at USD/JPY 0.0093 and sell
them to Citi Bank at USD /JPY 0.00939.
■ Equivalently, buy USD from Citi Bank at 106.5 and sell them to
Honk Kong at 107.5269 . ( HKB : JPY / USD 107.52 -111.11)

Solution
■ Given : Citi Bank quotes JPY/ USD 105-106.5, and Honk Kong Bank quotes
USD/JPY 0.0090-0.0093.
■ (a) No, Citi Bank’s quotes imply USD/ JPY 0.00939 - 0.00952. (HK USD/JPY
0.0090-0.0093. )
■ (b) Since both rates quoted by Citi Bank exceed those offered by Honk Kong Bank,
there is an arbitrage opportunity.
■ (c) Buy JPY from Hong Kong Bank at USD/JPY 0.0093 and sell them to Citi Bank at
USD /JPY 0.00939.
■ Equivalently, buy USD from Citi Bank at 106.5 and sell them to Honk Kong at
107.5269 . ( HKB : JPY / USD 107.52 -111.11)

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Date: 28 July 2020

VIRTUAL COACHING CLASSES

Faculty: Parvesh Aghi

© The Institute of Chartered Accountants of India

■ Direct and indirect quotes are ………….. of each other

Monday, Septe © The Institute of Chartered Accountants of India 3

■ Direct and indirect quotes are ………….. of each other

Monday, Septe © The Institute of Chartered Accountants of India 4

■ Direct quotation is when the one unit of foreign currency is

Monday, Septe © The Institute of Chartered Accountants of India 5

■ Direct quotation is when the one unit of foreign currency is

Monday, Septe © The Institute of Chartered Accountants of India 6

■ Indirect quotation is when one unit of domestic currency us

Monday, Septe © The Institute of Chartered Accountants of India 7

■ Indirect quotation is when one unit of domestic currency us

Monday, Septe © The Institute of Chartered Accountants of India 8

■ Bid is the price at which the dealer is willing to ………. another

Monday, Septe © The Institute of Chartered Accountants of India 9

■ Bid is the price at which the dealer is willing to ………. another

Monday, Septe © The Institute of Chartered Accountants of India 10

■ The ask or offer is the rate at which he is willing to ……….. another

Monday, Septe © The Institute of Chartered Accountants of India 11

■ The ask or offer is the rate at which he is willing to ……….. another

Monday, Septe © The Institute of Chartered Accountants of India 12

Monday, Septe © The Institute of Chartered Accountants of India 13

Monday, Septe © The Institute of Chartered Accountants of India 14

■ John is an American traveller returning from Europe. The cost of purchasing

Monday, Septe © The Institute of Chartered Accountants of India 15

■ John is an American traveller returning from Europe. The cost of purchasing

Monday, Septe © The Institute of Chartered Accountants of India 16

Monday, Septe © The Institute of Chartered Accountants of India 17

Monday, Septe © The Institute of Chartered Accountants of India 18

Monday, Septe © The Institute of Chartered Accountants of India 19

Monday, Septe © The Institute of Chartered Accountants of India 20

Monday, Septe © The Institute of Chartered Accountants of India 21

Monday, Septe © The Institute of Chartered Accountants of India 22

Monday, Septe © The Institute of Chartered Accountants of India 23

Monday, Septe © The Institute of Chartered Accountants of India 24

Monday, Septe © The Institute of Chartered Accountants of India 25

Monday, Septe © The Institute of Chartered Accountants of India 26

Monday, Septe © The Institute of Chartered Accountants of India 27

Monday, Septe © The Institute of Chartered Accountants of India 28

The immediate (two-day) exchange of one currency for another is a

Monday, Septe © The Institute of Chartered Accountants of India 29

The immediate (two-day) exchange of one currency for another is a

Monday, Septe © The Institute of Chartered Accountants of India 30

■ Today 1 euro can be purchased for $1.13. This is the

Monday, Septe © The Institute of Chartered Accountants of India 31

■ Today 1 euro can be purchased for $1.13. This is the

Monday, Septe © The Institute of Chartered Accountants of India 32

■ In an agreement to exchange dollars for euros in three months at a price of $0.90

Monday, Septe © The Institute of Chartered Accountants of India 33

■ In an agreement to exchange dollars for euros in three months at a price of $0.90

Monday, Septe © The Institute of Chartered Accountants of India 34

Monday, Septe © The Institute of Chartered Accountants of India 35

Monday, Septe © The Institute of Chartered Accountants of India 36

Monday, Septe © The Institute of Chartered Accountants of India 37

Monday, Septe © The Institute of Chartered Accountants of India 38

Monday, Septe © The Institute of Chartered Accountants of India 39

Monday, Septe © The Institute of Chartered Accountants of India 40

£1 = US$1.2679 is a direct quotation of the exchange rate of

Monday, Septe © The Institute of Chartered Accountants of India 41

£1 = US$1.2679 is a direct quotation of the exchange rate of

Monday, Septe © The Institute of Chartered Accountants of India 42