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        FEMA & RBI

        RBI Reference Rate for US $

        March 1, 2017

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        Reference rate for the US dollar sets benchmarks for other currency exchange rates and links the SDR rupee rate. The Reserve Bank published an official reference rate for the US dollar on March 1, 2017 and the preceding day's rate for comparison. Based on that USD reference rate and the middle rates of cross-currency quotes, derived exchange rates for the euro, the pound sterling and the yen against the rupee are provided. The release specifies that the SDR rupee rate will be based on the published reference rate, making the reference rate the operational benchmark for official exchange quotations.

        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.

        <h1>Reference rate for the US dollar sets benchmarks for other currency exchange rates and links the SDR rupee rate.</h1> The Reserve Bank published an official reference rate for the US dollar on March 1, 2017 and the preceding day's rate for comparison. Based on that USD reference rate and the middle rates of cross-currency quotes, derived exchange rates for the euro, the pound sterling and the yen against the rupee are provided. The release specifies that the SDR rupee rate will be based on the published reference rate, making the reference rate the operational benchmark for official exchange quotations.

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