TaxTMI 
TaxTMI 
Dear Sir/Madam,
what is the purpose and use of the RBI Reference Rate for US$ and Euro being given every day?
RBI Reference Rate
16 Oct 2013 
2 Replies 
1893 Views Asked by
RBI Reference Rate methodology revised, introducing randomized polling window, increased precision and uniform daily 1pm dissemination.
The Reserve Bank compiles daily reference rates for spot US Dollar-Rupee and Euro-Rupee by averaging mean bid/offer rates polled from select banks chosen for standing and market share. The revised procedure polls banks within a randomly chosen five minute window between 10:30 a.m. and 12:30 p.m. on weekdays, publishes rates with increased decimal precision, and issues a daily press release at 1:00 p.m. (AI Summary)
The Reserve Bank compiles daily reference rates for spot US Dollar-Rupee and Euro-Rupee by averaging mean bid/offer rates polled from select banks chosen for standing and market share. The revised procedure polls banks within a randomly chosen five minute window between 10:30 a.m. and 12:30 p.m. on weekdays, publishes rates with increased decimal precision, and issues a daily press release at 1:00 p.m. (AI Summary)