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        FEMA & RBI

        RBI Reference Rate for US $ and Euro.

        September 18, 2012

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        The Reserve Bank of India’s Reference Rate for the US dollar is Rs.54.2570 and the Reference Rate for Euro is Rs.71.0335 on September 18, 2012. The corresponding rates for the previous day (September 17, 2012) were Rs.53.9740 and Rs.70.8415 respectively. Based on the Reference Rate for the US dollar and middle rates of the cross-currency quotes, the exchange rates of GBP and JPY against the Rupee are given below:

        Date

        Currency

        1 GBP

        100 JPY

        September 17, 2012

        87.5242

        68.95

        September 18, 2012

        88.1459

        68.99

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

        R. R. Sinha
        Deputy General Manager

         

        Reference rate determination guides currency conversion; RBI fixes US dollar and euro reference rates affecting cross currency quotes. Reserve Bank of India fixed reference rates for the US dollar and the euro for a specified date and published previous day comparators; these reference rates underpin calculation of cross currency exchange rates (shown for the pound sterling and the yen) using middle rates of cross currency quotes, and the SDR Rupee rate is stated to be based on the announced 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 determination guides currency conversion; RBI fixes US dollar and euro reference rates affecting cross currency quotes.

                                Reserve Bank of India fixed reference rates for the US dollar and the euro for a specified date and published previous day comparators; these reference rates underpin calculation of cross currency exchange rates (shown for the pound sterling and the yen) using middle rates of cross currency quotes, and the SDR Rupee rate is stated to be based on the announced reference rate.


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