Page 174 - DECO503_INTERNATIONAL_TRADE_AND_FINANCE_HINDI

vUrjkZ"Vªh; O;kikj ,oa foÙk

uksV ls;lZ (Sayers) osQ vuqlkj] ¶pyu eqnzkvksa dh ikjLifjd dherksa dks fons'kh fofue; nj dgrs gSaA¸
gsUl (Haines) osQ 'kCnksa esa] ¶fofue; nj ,d eqnzk dh nwljh eqnzk osQ :i esa O;Dr dh x;h dher gSA¸
fo'o fons'kh fofue; cktkj esa gqaMh&O;kikj (vUrji.ku) osQ }kjk $2.50 = £1 vFkok £0.40 = $1 dh fofue;
nj fLFkj j[kh tkrh gSA gqaMh&O;kikj (arbitrage) dk eryc gS fd ftl cktkj esa fons'kh djsalh dh dher
de gks ogka fons'kh djsalh [kjhnh tk, vkSj tgka mldh dher vf/d gks ogka mls csp fn;k tk,A
gqaMh&O;kikj dk ifj.kke ;g gksrk gS fd djsafl;ksa dh fons'kh fofue; nj osQ vUrj lekIr gks tkrs gSa vkSj fo'o
fons'kh fofue; cktkj esa ,d gh fofue; nj fo|eku jgrh gSA ;fn yUnu osQ fofue; cktkj esa fofue; nj
$2.48 gS vkSj U;w;koZQ osQ fofue; cktkj esa $2.50 gS rks fons'kh fofue; lVksfj,] ftUgsa gqaMh&O;kikjh
(arbitrageurs) dgrs gSa] yUnu eas ikm.M [kjhnsaxs vkSj U;w;koZQ esa mUgsa csp nsaxsA bl izdkj izR;sd ikm.M ij
2 lS.V dk ykHk izkIr djsaxsA bldk ifj.kke ;g gksxk fd yUnu osQ cktkj esa ikm.M dh dher Mkyjksa osQ :i
esa c<+ tk,xh vkSj U;w;koZQ osQ ckj esa fxj tk,xhA vUr esa ;g dher nksuksa cktkjksa esa cjkcj gks tk,xh vkSj
gqaMh&O;kikj lekIr gks tk,xkA ;fn oqQN le; ckn Mkyj rFkk ikm.M osQ chp fofue; nj c<+dj $2.60=£1
gks tk,] rks dgsaxs fd ikm.M osQ eqdkcys Mkyj dk ewY;ßkl (voewY;u) gks x;k gS] (;k fd ikm.M osQ
eqdkcys Mkyj dh dher fxj xbZ gS) D;ksafd vc ,d ikm.M [kjhnus osQ fy, vf/d Mkyjksa dh t:jr iM+sxhA
;fn Mkyjksa rFkk ikm.M osQ chp fofue; nj fxjdj $2.40=£1 jg tk,] rks dgsaxs fd Mkyj dk Hkko c<+ x;k
(vf/ewY;u&Appreciation) gS D;ksafd vc ,d ikm.M [kjhnus osQ fy, de Mkyjksa dh t:jr iM+sxhA ;fn
igyh djsalh dk ewY; ?kVsxk] rks nwljh djsalh dk ewY; c<+sxk vkSj ;fn igyh djsalh dk ewY; c<+sxk rks nwljh
djsalh dk ewY; ?kVsxkA bl izdkj ;g dguk fd ikm.M osQ eqdkcys Mkyj dk ewY; fxj x;k gS vkSj ;g dguk
fd Mkyj osQ eqdkcys ikm.M dk Hko c<+ x;k gS] ,d gh ckr gS vkSj blls myV Hkh ogh ckr gSA
fofue; nj osQ ?kVdμfofue; nj eqnzkvksa dh ekax ,oa iwfrZ }kjk fu/kZfjr gksrh gSA ;g nj ?kVrh&c<+rh
jgrh gS vFkkZr~ blesa mPpkopu gksrs jgrs gSa tks vUrjkZ"Vªh; ekSfnzd gLrkUrj.k osQ dkj.k gksrs gSaA bu mPpkopuksa
osQ dkj.k fdlh Hkh ns'k esa vfuf'prrk dh fLFkfr vk tkrh gS rFkk ns'k dh vFkZO;oLFkk ij bldk izfrowQy
izHkko iM+rk gSA ,sls dbZ dkj.k gSa tks ikjLifjd :i ls ns'k dh eqnzkvksa dh ekax dks izHkkfor djrs gSa vkSj
fofue; nj esa vYidkyhu mPpkopuksa dks tUe nsrs gSaA
fofue; njksa esa mPpkopu osQ dkj.kμizfl¼ vFkZ'kkL=kh ,p- bZ- bZfoV us viuh iqLrd ‘A Manual of
Foreign Exchange’ esa fofue; njksa osQ mPpkopuksa osQ fuEukafdr dkj.kksa dk mYys[k fd;k gSμ
vYidkyhu dkj.k (a) O;kikfjd dkj.k
(b) foÙkh; dkj.k
nh?kZdkyhu dkj.k (c) pyu vkSj lk[k lEcU/h n'kk,a

(d) jktuhfrd vkSj vkS|ksfxd n'kk,a
bu dkj.kksa dk lekos'k djrs gq,] fofue; njksa dks izHkkfor djus okys rRoksa vFkok muesa mPpkopu iSnk djus
okys eq[; dkj.kksa dk foospu bl izdkj gSaμ
(1) O;kikfjd izHkkoμblosQ vUrxZr vk;kr ,oa fu;kZr osQ izHkko dk lekos'k gksrk gSA ;fn fdlh ns'k
osQ vk;kr vFkok fu;kZr dh ek=kk esa ifjorZu gksrk gS rks mldk izHkko ml ns'k dh fofue; nj ij iM+rk
gSA mnkgj.k osQ fy,] ;fn fu;kZrksa dh rqyuk esa vk;kr c<+ tkrs gSa rks fons'kh eqnzk dh ekax esa o`f¼ gksus
yxrh gS rFkk,sls ns'k dh fofue; nj mlosQ izfrowQy gks tkrh gSA blosQ foijhr] ;fn vk;krksa dh rwyuk
esa ns'k osQ fu;kZrksa esa o`f¼ gksrh gS rks ns'k dh eqnzk dh ekax fons'kh esa c<+rh gS vkSj ns'k osQ fy, fofue;
nj vuqowQy gks tkrh gSA

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