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        FEMA & RBI

        RBI Reference Rate for US $ and Euro

        July 18, 2014

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        The Reserve Bank of India’s Reference Rate for the US dollar is ₹ 60.3300 and the Reference Rate for Euro is ₹ 81.5848 on July 18, 2014. The corresponding rates for the previous day (July 17, 2014) were ₹ 60.1401 and ₹ 81.3340 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:

        Currency

        Date

        July 17, 2014

        July 18, 2014

        1 GBP

        103.0019

        103.1824

        100 YEN

        59.25

        59.54

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

        Ajit Prasad

        Assistant General Manager

        Reference rate publication establishes exchange benchmarks and cross currency conversions, and bases the SDR Rupee conversion on that reference. Publication sets the Reference Rate framework by announcing the Reserve Bank's daily rupee reference rates for major convertible currencies and, using those Reference Rates together with the middle rates of cross currency quotes, derives and publishes exchange rates for other currencies; it also specifies that the SDR Rupee rate will be based on the Reference Rate.
                          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.

                                Reference rate publication establishes exchange benchmarks and cross currency conversions, and bases the SDR Rupee conversion on that reference.

                                Publication sets the Reference Rate framework by announcing the Reserve Bank's daily rupee reference rates for major convertible currencies and, using those Reference Rates together with the middle rates of cross currency quotes, derives and publishes exchange rates for other currencies; it also specifies that the SDR Rupee rate will be based on the Reference Rate.


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