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TMI BlogRBI Reference RateX X X X Extracts X X X X X X X X Extracts X X X X ..... RBI Reference Rate X X X X Extracts X X X X X X X X Extracts X X X X ..... ence rates for Spot USD/INR and Spot EUR/INR. The rates are arrived at by averaging the mean of the bid / offer rates polled from a few select banks around 12 noon every week day (excluding Saturdays). The contributing banks are selected on the basis of their standing, market-share in the domestic foreign exchange market and representative character. The Reserve Bank periodically reviews the proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dure for selecting the banks and the methodology of polling so as to ensure that the reference rate is a true reflection of the market activity. Reply By CA. Surender Gupta: The Reply: Computation and Dissemination of RBI Reference Rate - Revised Methodology The Reserve Bank of India compiles and publishes on a daily basis reference rates for Spot USD-INR and Spot EUR-INR. Under the existing me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thodology, the rates are arrived at by averaging the mean of the bid/ offer rates polled from a few select banks around 12 noon every week-day (excluding Saturdays). The contributing banks are selected on the basis of their standing, market-share in the domestic foreign exchange market and representative character. The Reserve Bank periodically reviews the procedure for selecting the banks and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... methodology of polling so as to ensure that the reference rate is a true reflection of the market activity. Accordingly, it has been decided to revise the existing methodology, the details of which are as under: * The rates will be polled from the select list of contributing banks at a randomly chosen five minute window between 10.30 a.m. and 12.30 p.m. every week-day (excluding Saturdays). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... *
The reference rates for spot US Dollar and Euro against Rupee shall be disseminated up to the fourth decimal place.
* The daily press release on RBI Reference Rate for US Dollar and Euro will be issued every week-day (excluding Saturdays) at 1.00 p.m.
These changes shall be effective from July 1, 2011. X X X X Extracts X X X X X X X X Extracts X X X X
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