RBI reviews FEMA to boost cross-border INR transactions
The Reserve Bank of India, in collaboration with the central government, has reviewed current regulations under the Foreign Exchange Management Act, 1999.
The Reserve Bank of India on Wednesday fixed the reference rate of the rupee at 68.2139 against the US dollar and 80.2400 for the euro.
The corresponding rates were 68.0187 and 80.0716, as on yesterday.
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According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 91.4271 and 61.74 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
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The SDR-rupee figure will be based on this rate, the statement added.
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