Question

You are the head of dealing room at HSBC. You started the day with cash in hand of 1 million Dollar. You executed the following transactions:

Bought EUR 100,000 at a rate of USD/ EUR spot 0.82/0.83 (Bid/Ask)

Bought GBP 100,000 at a rate of USD/ GBP spot 0.72/0.73

Bought one million EGP at a rate of USD/ EGP 17.61/17.62

Bought 100,000 SAR at a rate of USD/ SAR 3.75/3.76

Bought 100,000 AED against EGP at a rate of AED/EGP 4.8/4.81

Bought 10,000 AUD against SAR at a rate of AUD/SAR 2.93/2.94

Bought 100,000 Yen against EUR at a rate of EUR/JPY 130/131

Bought CAD against GBP at a rate of CAD/GBP 0.56/0.57

At the end of the day, you converted all currencies you have on hand into USD. The quoted exchange rates at end of day were: USD/EUR: 0.81/0.82, USD/GBP: 0.73/0.74, USD/EGP: 17.6/17.61, USD/SAR: 3.76/3.77, USD/AED: 3.67/3.68, USD/AUD: 1.28/1.29, USD/JPY: 107/108, USD/CAD 1.29/1.3.

Answer 1