India will soon have to decide on sharing daily US dollar-Rupee rate with overseas exchanges

India will soon have to take a call on whether to officially share the US dollar-rupee reference rate with overseas exchanges, fund houses, corporates and banks. The benchmark rate is used to settle millions of trades and currency derivative contracts in India and abroad. Financial Benchmark India Pvt. Ltd. (FBIL) which is independent benchmark administrator for interest and forex rates, mandated by the Reserve Bank of India. The agency authorized to set the benchmark exchange rate has recently started announcing the rate with a day’s lag – allowing only registered users to access information on the same day.

  • The Indian rupee depreciated this week by 0.31 paisa gain compared with the previous week close.
  • Last week Indian rupee closed at ₹69.91 with a loss of 0.69 paisa.
  • Current week i.e. on Friday closed at ₹70.22 with loss of 0.20 paisa.
  • Highest gain 0.31 paisa on Thursday and Highest loss 0.62 paisa on Monday.

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