What are Card Rates?

Card Rates – at the start of every trading day the market first establishes the vehicle
currency quotation. The dealers then prepare cross rates for currencies normally used by
their customers. Profit margins are loaded for different categories of transactions and
tabulated under eight heads: TT Buying, Bills Buying, TC Buying, CN Buying, TT Selling,
Bills Selling, TC Selling and CN Selling. These rates collectively called Card Rates are
conveyed to all branches. All transactions undertaken at branches involving amounts less
than USD 5000 or equivalent during the day are put through at the Card Rates. These
rates generally remain constant for the given day. (TC=-travelers cheque, CN=currency
banknote, TT = telegraphic transfer, Bills = Documentary transactions)