Curently, https://www.fbil.org.in/ publishes the reference rates at 1:30 PM on the next day. However, the reference rates are shared to the banks, financial institutions and brokers on the same day. Is there any publicly available reliable source to know reference rate once its available.
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According to the Methodology document on the FBIL website -
- Computation Methodology:
4.1 The USD/INR Reference Rate (USD/INR) will be computed based on the data in respect of
the actual spot US dollar/Indian rupee transactions taking place on electronic platforms
during the one-hour time window from 11.30 Hours to 12.30 Hours on each business day
in Mumbai. Normally, the data will be sourced from Refinitiv (formerly Thomson Reuters)
and CCIL platforms. If the transaction data is not available on one of the two platforms due
to network failure or for any other reason, the rate will be calculated on the basis of
transactions data obtained from the other platform.
The spot data available on the CCIL website is also delayed.
Reuters website sources its spot data from Refinitiv and is updated every 15 minutes. Should we use this data for reference or is there a more authoritative source for knowing RBI reference rate on the same day?