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RBI reference exchange rate refers to the benchmark foreign exchange rates for Indian Rupee against major four foreign currencies, published by Reserve Bank of India on a daily basis.

The Reserve Bank of India compiles and publishes on a daily basis, reference rates for four major currencies i. US dollar USDBritish Pound GBPJapanese Yen YEN and Euro EUR.

The contributing banks were randomly selected from a large panel of banks, identified on the basis of their standing, market-share in the domestic foreign exchange market and representative character [1]. Based on the recommendations of the Committee on Financial Benchmarks constituted on June 28, ; Chairman: Vijaya Bhaskar; report submitted in February the following changes were made to the existing methodology for calculation of exchange rates.

The RBI reference exchange rate may be different from the rates established through the currency trading venues of stock exchanges or over the counter segments. However, the direction of movement would be the same. For instance, Foreign Exchange Dealers Association of India FEDAI [2] used to publish spot fixing rates for USD, GBP, EUR and JPY against INR at The FEDAI spot fixings were used for cash settlement of exercise of over the counter foreign currency- Indian rupee options primarily by some corporates.

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FEDAI also publishes revaluation rates for spot contracts against INR in 25 currencies and for forward contracts against INR upto 6 months in nine currencies and upto 12 months in four currencies. The banks use the FEDAI revaluation rates for marking to market [3] the outstanding spot and forward contracts in their books. The RBI Reference Rates are used for settlement of exchange traded currency futures and options.

The Reference Rate is reportedly used earning extra money in spare time many corporates for determining transfer pricing. The foreign exchange transactions of Government of India undertaken through RBI take place at the Reference Rate.

The International Monetary Fund IMF also uses the rate for revaluation of Special Drawing Rights SDRs. Free trading software api - forex - trial - online RBI reference rates fixed for the day may be seen here.

Historical data may be seen from RBI database.

Concerns are often raised as to whether RBI being the regulator of the Indian foreign exchange market should be involved in fixation of Reference Rates. However, across the globe, many central banks like European Central Bank, Bank of Canada, Central banks of countries like Brazil, South Africa, Thailand, Indonesia etc.

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Further in view of the scandals relating to manipulation of major global foreign exchange benchmarks administered by private sector entities, as also the fact that the Reference Rate setting process has remained quite robust, authorised forex dealers in mumbai Committee on Financial Gfi gold et forex international recommended that it may not be appropriate for RBI to discontinue fixing the Reference Rates.

The Reference Rate was also recommended to be volume weighted to smoothen the impact of small value off-market transactions in determination of the benchmark. The Reserve Bank periodically reviews the procedure 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.

Since the timing of publication of the FEDAI spot rates and RBI reference rates were almost the same, Committee on Financial Benchmarks Page No. Accordingly, vide its circular dated JuneFEDAI decided to discontinue publishing daily FEDAI Spot Fixing Rates at It does not mean that RBI reference rate would be mandated as an alternate reference rate.

The settlement may be done at the ruling market rate. The reference rate computation process was reviewed and changed with effect from April 15, In the changed procedure, the number of banks in the polling panel was significantly expanded, of which a set of banks are selected randomly every day for calling for quotes.

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Further, the reference time window was expanded to 30 minutes, i. The means of the polled bids and offers are calculated for each contributing bank and the outlier mean rates are removed. The Reference Rates are arrived at by averaging the remaining mean rates.

RBI Reference Exchange Rate - Arthapedia

Foreign Exchange Dealer's Association of India FEDAI was set up in as an Association of banks dealing in foreign exchange in India typically called Authorised Dealers - ADs as a self regulatory body and is incorporated under Section 25 of The Companies Act, Valuing the security in terms of its market value rather than the book value. MayMinistry of Commerce and Industry.

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