Currency options expiry time and reference price

As I understand, currency options use RBI rate on expiry date as reference.
This rate gets updated at 1:30 PM every working day.

Currency market closes at 5 PM.

So for Currency options expiring on Friday, will they expire at 1:30 PM? Or 5PM?
Since they are going to use Friday’s RBI rate (which would get declared at 1:30 PM), it does not make any sense to continue trading beyond 1:30 PM.

Can someone provide clarity on this?

Currency Options expire at 12:15 PM.

And what rate is used for settlement? Rate declared by RBI at 1:30 PM the same day?

Yes, the settlement price will be Reference Rate declared by RBI on the same day.

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i am new to currency options trading.
can u share ur experience and insights. that it can be useful for me thanks…/
max more u experienced in a weekly options?../

Now expiry is at 12:30
So the contract trading at 0.0025 which is OTM as of 12:30, Can it become ATM or ITM based on the reference rate set at 1:30 PM by RBI?

Yes, as the final settlement is done based on RBI Reference Rate, the moneyness of options will be determined by this. There shouldn’t be much difference though.

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Found this.

So any movement beyond 12:30 PM will not be considered to set the reference rate. This is what I needed confirmation on