RBI REFERENCE RATE

The RBI quotes reference rates for US Dollar to the Indian Rupee (USD-INR), British Pound to the Indian Rupee ( GBP-INR), Euro to the Indian Rupee ( EUR-INR) and Japanese Yen to the Indian Rupee ( JPY-INR) every day at 1330 Hours based on the transactions and deal details of the previous dealing day. This rate is the official rate that can be used by banks, Institutions, corporate,  indexation for valuation, Ports, Accounting and Revaluation purposes and is the common rate which will be accepted by all. 

The RBI Reference Rate is the official ratee from the RBI which removes scope of disputes between companies for accounting and revaluation purposes. However, these are for accounting purposes only and should not be confused with dealing rates for daily transactions between the merchant and the bank for currency conversion of bills and other purposes as those are based on Live Inter-Bank rates which are extremely volatile. Eforex India quotes both the RBI Reference rate and Live Inter Bank Rates on its registered section and is one of the very few internet enabled platforms which offers all these on a live basis. 

The basis of computation is taking the actual Spot rate of these currencies on electronic platforms during the one-hour window from 1130 to 1230 Hrs on each business day in Mumbai from Reuters and CCIL platforms and then declaring the single mean weighted average of these rates.

Find the Reference rates on a single window in the world commodities section of Eforex India which quotes Metals, commodities, Sensex, Dollar Index, Reference Rates & economic indicators like CRR, SLR, Repo Rates and Reverse Repo Rates.