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 methodology, 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 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 betwe...
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