December 2025
Intermediate to advanced
561 pages
27h 17m
English
book
International Financial Management: An Analytical Framework, 2nd Edition by Pearson
by Thummuluri Siddaiah
Content preview from International Financial Management: An Analytical Framework, 2nd Edition by Pearson
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16 INTERNATIONAL FINANCIAL MANAGEMENT
to GBP to USD, the market participant should get at least the amount they would get directly.
This can be expressed as:
USD/INR GBP/INR USD/GBP
askask ask
(
)
≥
(
)
×
(
)
Suppose the market participant wants to convert US dollars into Indian rupees. They can
buy Indian rupees with US dollars directly at (INR/USD)
ask
or exchange it through British
pounds. If they choose the indirect route, they would receive (GBP/USD)
ask
× (INR/GBP)
ask
.
Therefore, it is required that
INR/USD GBP/USDINR/GBP
askask ask
(
)
≥
(
)
×
(
)
(1.4)
By taking the inverse of Eq. 1.4,
111
INR/USDINR/GBP GBP/USD
INR/USDINR/
bidbid bid
bid
(
)
≥
(
)
×
(
)
(
)
≤ GGBPG
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