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          FEMA

          How would the exchange rate between INR and the currency of the trading partner country be market-determined in the absence of direct quote for the pair of currencies?

          International Trade Settlement in Indian Rupees (INR) - As on Dec 01, 2022

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          Cross currency rate determination guides exchange conversion when no direct market quote for trading partners. When no direct market quote exists between the Indian rupee and a partner currency, the applicable rate is market-determined by deriving a cross currency rate from each currency's quotations against widely traded reference currencies such as the US dollar, euro or yen, producing an operative INR-partner currency conversion for trade settlement.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Cross currency rate determination guides exchange conversion when no direct market quote for trading partners.

                                  When no direct market quote exists between the Indian rupee and a partner currency, the applicable rate is market-determined by deriving a cross currency rate from each currency's quotations against widely traded reference currencies such as the US dollar, euro or yen, producing an operative INR-partner currency conversion for trade settlement.


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