The Reserve Bank of India (or RBI) made it known regarding its decision of fixing the reference rates for the US currency and European currency.
The RBI has fixed the exchange rate for the US Dollar as against the Indian Rupee at Rs. 46.93 for every 1 dollar, and the exchange rate for the euro as against the Indian rupee is at Rs. 59.35 for every 1 euro.
These rates are comparable with yesterday’s rates of Rs. 46.79 for every 1 dollar and Rs. 59.19 for every 1 euro respectively.
According to a press release called by the Reserve Bank of India, which is the country’s apex bank, the exchange rate of the British pound and Japanese yen as against the Indian rupee has been fixed at Rs. 72.3262 for every 1 pound and Rs. 55.66 for every 100 yen, respectively.
These exchange rates are based on the reference rates of the US dollar and the middle rates quotes of the cross currency at midday.
These reference rates have been based upon the mid day rates of certain banks in Mumbai only, and even the SDR-Rupee rate will be dependent on this rate.
