How banks in India determine Rupees per US Dollar Rate on a given date?



The Reserve Bank of India provides a Reference Rate for Rupees per US Dollar for dates but other banks rate differ from this rate. So how do they determine the rate when an inward Wire Remittance comes to Indian Banks?

One Reply to “How banks in India determine Rupees per US Dollar Rate on a given date?”

  1. hi
    What ever the rates given by the RBI on a particular day are based on GNP, GDP, and various factors. abut on the contrary other banks determines the Buying and selling rates are inclusive of their profit, Taxes, etc… after all they have to feed their employees.
    each and every banks, Forex exchange, and other sources determines on this factors.
    hope u understand.
    thanks





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