RBI Reference Rate Calculation

What is RBI Reference Rate? From where I can get the information about RBI Reference Rate Calculation methodology? Can you provide me some questions for it?

RBI Reference Rate:
Everyday Reserve bank of India publishes reference rate for spot USD/INR and spot EUR/INR .This rate is also used by companies to convert their foreign currency import payment and export receipt to INR for financial reporting.

For information regarding to Reference Rate Calculation methodology and questions here I am uploading the PDF file. See the attachment.

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RBI Reference rate.pdf (62.0 KB, 103 views)

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RBI Reference Rate:
Everyday Reserve bank of India publishes reference rate for spot USD/INR and spot EUR/INR .This rate is also used by companies to convert their foreign currency import payment and export receipt to INR for financial reporting.

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Answered By StudyChaCha Member

The Reserve Bank of India (RBI) is the India's central banking institution, which controls monetary policy of the Indian rupee. Its headquarter is situated in Shahid Bhagat Singh Marg Mumbai, Maharashtra. It was established in 1935.

RBI Calculation Methodology:

The Reserve Bank of India (RBI) compiles on a daily basis and publishes reference rates for Spot USD/INR and Spot EUR/INR.
The rates are arrived at by averaging the mean of the bid / offer rates polled from a few select banks around 12 noon every week day (excluding Saturdays).

The contributing banks are selected on the basis of their standing, market-share in the domestic foreign exchange market and representative character.

The Reserve Bank periodically reviews the procedure for selecting the banks and the methodology of polling so as to ensure that the reference rate is a true reflection of the market activity.

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Answered By StudyChaCha Member

I am looking to get details about RBI Reference Rate, so will you provide the RBI Reference Rate to me?

As you want to get RBI Reference Rate, so here I want to inform you that the RBI Reference Rate will change day by day.

Here I want to inform you that you can get the RBI Reference Rate on the official website of RBI.

So I here I am giving the procedure that how you will get details of RBI Reference Rate.

Firstly you have to visit the homepage of the official website of RBI.

There is a link for Press Release in the top middle side of the homepage.

When you will click on that link, you will reach on a new page and the page will look like the screen shot:



On this page, you will get notification for RBI Reference Rate.

The RBI Reference Rate as on 17th Feb 2014:

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Answered By StudyChaCha Member