21 November 2022

Notifications & Circulars

Reserve Bank of India



Revised - Computation, Dissemination of RBI Reference Rate


The Reserve Bank of India notified revisions to the methodology adopted for computing the daily Reference Rate for spot US Dollar against Indian Rupee. At present the Bank determines the rate through a polling process involving rates obtained from select banks.

Under the revised system, the rate will be computed on the basis of the Volume Weighted Average of the actual market transactions that take place during a randomly selected 15 minute window between 11.30 am and 12.30 pm every weekday. Transaction data from electronic trading platforms will then be utilised for calculating the Reference Rate. Rates for Euro, Pound Sterling and Japanese Yen will continue to be computed by cross-referencing their valuation with the USD-INR.

The new system will come into effect on 2 May 2016.

Tags : reference rate usd weighted average libor

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