14th Febuary 2007: Mr.Prosenjit Kundu, head of Foreign Exchange Operations at UTI Bank Ltd. addressed the MBA (IB) 2006-08 batch at Kolkata on the invitation of the Corporate Relations Committee of the institute. He has worked in the Banking sector for the last 25 years and has had exposure to all areas of Banking, including Credit, General Banking Operations & Branch Management, Trade Finance (Export/ Import), Dealing Room Operations, Trade Credits, Overseas Investments, JV, Foreign Currency Loans, Non- trade Remittances (Inward/ Outward) & Non Resident Deposits and Advances.Foreign Exchange though is Mr.Kundu’s area of expertise and he has handled Foreign Exchange Business at various levels over the last 15 years.
The day’s discussion was on “Nuances of the Forex Market and Macroeconomic Factors affecting the Forward Premium”.The speaker talked about the basic structure of the Forex Market and the way in which it was organized. He spoke about the various rates involved in the Forex scenario and mathematical ways to forecast the exchange rates. He discussed the Macroeconomic Factors influencing the Forward Premia. With knowledge culled from his extensive experience in this field, he shared his views about the status of the Forex market in India and the world and improvements that could be made.
A few topics raised by the students and duly answered by Mr.Kundu included:
- The Singapore Model: Whether India needed a agency on the lines of Temasek Holdings of Singapore, which would work with minimum intervention from the government, in order to invest the country’s foreign reserves in projects that were relatively quite safe but had a reasonably high rate of return too, in order to increase its reserves and what the implications of the existence of such a entity would be.
- Forward Cover as a measure to attract more FII’s and how exchange rate risk could be managed.
- Fundamental Analysis: The identification and measurement of factors, such as the general economic and political scenario, that determine the intrinsic value of a financial instrument.
- The chances of Arbitrage occurring in the Forex market and how this could be made use of.
- The impact of exchange rate fluctuations on the Forex market.
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