Computation and Dissemination of Reference Rate -Taking Over by Financial Benchmarks India Private Limited (FBIL)

Presently, the Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR and exchange rate of other major currencies. As announced in the Sixth Bi-monthly policy statement for the year 2017-18, Financial Benchmarks India Private Limited (FBIL) will assume, i.e., take over from RBI, the responsibility of computation and dissemination of reference rate for USD/INR and exchange rate of other major currencies. FBIL will commence the process of computing and disseminating reference rate for USD/INR and exchange rate of other major currencies with effect from July 10, 2018 (Tuesday).

As is being done currently, these rates would be published on every week-day (excluding Saturdays, Sundays and Bank Holidays in Mumbai) and it would be available on FBIL’s website (www.fbil.org.in). Accordingly, the daily press release on Reference Rate issued by the RBI will be discontinued after July 9, 2018 (Monday).

Ajit Prasad
Assistant Adviser

Source : RBI