FX swap quoting convention
Hi guys... i'm wondering when getting quotes for the same trade from 2 different dealers - how do you read and price out which one is giving a better price?
For example,USD/INR swap, buy INR near leg, sell INR far leg, one broker quotes as:
spot reference: 73.25
swap pts: +103 (mid +96)
far leg: 74.35
However, another broker will quote as:
RHS swap pts: +99 (DF mid +93)
Because India interest rates are higher, I thought that I should be paying points on the far leg? To determine which trade is better for me I should calculate the gain/loss on both legs, and then compare which one is better?
And the quote from dealer #2 i'm not sure how to compare that vs dealer #1?