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FBIL to set reference rate for USD/INR, other currencies

Press Trust of India  |  Mumbai 

The (FBIL) today took over from RBI the responsibility of computation and dissemination of reference rate for USD/INR and other major currencies.

FBIL fixed the reference rate at 68.7942 for dollar and 80.780 for euro today.

Earlier in April, RBI had said that it had appointed FBIL for computation and dissemination of daily reference rate for spot USD/INR and other major currencies against the rupee which it used to do itself.

"FBIL will commence the process of and disseminating reference rate for USD/INR and exchange rate of other major currencies with effect from July 10, 2018," RBI had said on July 4.

Set-up in 2014, FBIL used to benchmark instruments such as Outright Rate (MIBOR) and option volatility and also introduced benchmarks such as T-Bills and yield curve.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 21:20 IST