The Reserve Bank of India’s Reference Rate for the US dollar is Rs.61.7760 and the Reference Rate for Euro is Rs.83.8360 on October 7, 2013. The corresponding rates for the previous day (October 4, 2013) were Rs.61.4050 and Rs.83.6790 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.

Sucheta Vazkar
Manager

 

Reference rate updates determine exchange conversions and cross currency quotations, affecting rupee rates for major currencies. Reference Rate publication sets the RBI's official rupee benchmarks for specified foreign currencies, stating the day's reference values for the US dollar and the Euro and comparing them with the preceding business day. Using the published Reference Rate for the US dollar and middle rates of cross currency quotations, the Bank derives exchange rates for other currencies such as the pound sterling and the Japanese yen. The SDR Rupee rate is specified to be based on the published reference rate.