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It s an agreement to buy or sell a specified quantity of an underlying currency on a specified date at a specified price. Forex Services in India. State Bank of India launched SBI eforex, an Internet- based platform that enables customers to book their foreign exchange transactions online Reuters. The TT rate is applicable to funds that has already been cleared with the Bank while the OD rate is applied otherwise.
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More Details Personal Banking. The buying rate is used when foreign currency is sold to the Bank and the selling rate is used.