The Reserve Bank of India’s Reference Rate for the US dollar is Rs. 59.4145 and the Reference Rate for Euro is Rs. 77.6085 on July 02, 2013. The corresponding rates for the previous day (July 01, 2013) were Rs. 59.1490 and Rs. 77.0660 respectively. Based on the Reference Rate for the US dollar and the middle rates of the cross-currency quotes, the exchange rates of GBP and JPY against the Rupee are given below:

Note : The SDR-Rupee rate will be based on the reference rate.

Ajit Prasad
Assistant General Manager

Press Release : 2013/2014/10

 

Reference rate determination for major currencies establishes conversion basis and cross currency derivation for rupee exchange rates. The Reserve Bank publishes rupee reference rates for specified foreign currencies as the operative benchmarks for conversion and market reference. The announced dollar and euro reference rates serve as the authoritative basis for rupee valuations and for deriving additional currency rates: other exchange rates (such as pound sterling and yen) are calculated from the dollar reference rate using the middle rates of cross currency quotes. The release also provides that the SDR Rupee rate will be based on the published reference rate.