<h1>CBIC Updates Currency Exchange Rates for Imports/Exports Effective November 2, 2018, Under Customs Act, 1962.</h1> The Central Board of Indirect Taxes and Customs (CBIC) has updated the exchange rates for foreign currencies concerning imported and exported goods, effective from November 2, 2018. This supersedes the previous notification dated October 18, 2018. The new rates specify how each foreign currency converts into Indian rupees for import and export transactions. For instance, the US Dollar is set at 74.70 INR for imports and 73.00 INR for exports, while the Euro is 85.35 INR for imports and 82.30 INR for exports. These rates are determined under the Customs Act, 1962.