The Reserve Bank of India’s Reference Rate for the US dollar is Rs.59.6875 and the Reference Rate for Euro is Rs.78.6865 on July 23, 2013. The corresponding rates for the previous day (July 22, 2013) were Rs.59.4080 and Rs.78.1135 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 : 2013-2014/151

Reference rate publication sets currency benchmarks, triggering derived cross exchange rates and determining the SDR rupee conversion basis. The announcement publishes the Reference Rate for the US dollar and the Euro for the business day, compares them with the prior day's levels, and provides derived cross currency exchange rates for the British pound and the Japanese yen computed from the US dollar reference and middle cross currency quotes. It also states that the SDR Rupee rate will be based on the published reference rate, making that reference the operative basis for SDR conversion.