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India's cbank tweaks methodology for computing rupee reference rate
August 7, 2014 / 12:31 PM / 3 years ago

India's cbank tweaks methodology for computing rupee reference rate

MUMBAI, Aug 7 (Reuters) - The Reserve Bank of India said on Thursday it would tweak the metholodogy for computing the daily rupee reference rate from Sept. 1, accepting the recommendations issued by a central bank committee on changes to various financial benchmarks.

The RBI said the reference rate for the dollar/rupee would be computed by polling from a select list of contributing banks at a randomly chosen five-minute window between 1130 to 1230 Indian Standard Time (0600 to 0700 GMT) every weekday.

That marks a tweak from the previous 1145 to 1215 window.

The daily press release will then be issued every weekday at around 1330 India time (0800 GMT), the RBI added.

For full release see: (Reporting by Rafael Nam; Editing by Sunil Nair)

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