Foreign Exchange Arithmetic
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Variable component — Direct Quote / Indirect Quote?
Direct Quote: Home currency varies; foreign currency is fixed at 1 unit; Indirect Quote: Foreign currency varies; home currency is fixed at 1 (or 100) units
Under which Act is Foreign Exchange defined in India?
Foreign Exchange Management Act (FEMA), 1999
Format — Direct Quote / Indirect Quote?
Direct Quote: 1 USD = ₹85.40; Indirect Quote: ₹100 = 1.17 USD
Which section of FEMA 1999 defines Foreign Exchange?
Section 2(n) of FEMA, 1999
Dealer profit rule — Direct Quote / Indirect Quote?
Direct Quote: "Buy low, Sell high"; Indirect Quote: "Buy high, Sell low"
Which body replaced RBI for computing the USD/INR reference rate on July 10, 2018?
Financial Benchmarks India Pvt Ltd (FBIL)
What is Value Date?
is the date on which the actual exchange of funds takes place — payment of one currency at one centre against receipt of the other currency at the counterpart centre.
At what time is the FBIL USD/INR reference rate published each business day?
Approximately 13:30 hours
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