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Informist, Tuesday, Apr. 7, 2026

 

MUMBAI – The Financial Bechmarks India Pvt. Ltd. Tuesday released a methodology for computation of rupee's spot rate for calculation of net overnight open position. This comes after the Reserve Bank of India on Mar. 27 directed banks to ensure that net open rupee positions in the onshore market do not exceed $100 ‌million at the end of each business day, latest by Friday. 

 

Net overnight open position benchmark serves as the standard reference rate for dollar-rupee used by banks to calculate their net foreign exchange exposure, at the close of each trading day. As per the latest methodology, the dollar-rupee spot rate for net overnight open position will be computed using data in respect of the actual spot dollar-rupee transactions taking place on Clearing Corp. of India FX-clear and London Stock Exchange Group workspace platforms. 

 

The tick-wise traded data of last five minutes of market trading hours, that is, 1525 IST to 1530 IST, or as notified by FBIL, will be used for computation, it said. The domestic spot market opens at 0900 IST and closes at 1530 IST.

 

The benchmark provider said that in case of unavailability of trade or a malfunction on any one of the platforms, rates can be calculated using data from the other platform, from where data are available. Further, a threshold criterion of minimum five trades, with an individual trade size of $500,000 and an aggregate volume of $5 million must be met, after combining the data from both platforms, it said. 

 

"If the threshold is not met within the 5-minute time window, the traded rates between 3:15 PM (1515 IST) and 3:30 PM (1530) IST, will be used. If the threshold is still not met, within the 15-minute window, the traded rates between 3:00 PM and 3:30 PM IST, will be considered," FBIL said. In a scenario where the threshold criteria is still not met, after considering the 1500 IST to 1530 IST window, a polling process will be conducted among a set of six empanelled banks, with a minimum of three submissions required for computing the final rate.

 

Thus, the volume weighted average rate, computed using the surviving trades, following outlier detection, will be considered as the dollar-rupee spot rate for computing net overnight open position of the day, with the final rate rounded off to four decimal places, it said. The dollar-rupee spot rate for computing net overnight open position will be published by 1600 IST on the FBIL website on all Mumbai business days. End

 

US$1 = INR 92.94

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Pratiksha

Edited by Akul Nishant Akhoury

 

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