FBIL proposes to publish reference rate for Russian rouble against rupee
This story was originally published at 22:31 IST on 14 May 2026
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MUMBAI – Financial Benchmarks India Pvt. Ltd. has proposed a methodology for publishing a reference rate for the Russian rouble against the rupee, seeking to expand the range of benchmark currency rates available in the domestic market.
In a market consultation note released Thursday, FBIL proposed computing the rouble/rupee reference rate by crossing the dollar/rouble exchange rate with the daily dollar/rupee reference rate already published by the benchmark administrator.
Under the proposed framework, dollar/rouble spot rates will be sourced from the London Stock Exchange Group and Bloomberg to reduce dependence on a single data provider and ensure continuity in case of disruption on either platform. FBIL said this approach would align with its existing methodology for other cross-currency reference rates such as the United Arab Emirates dirham/rupee and Indonesian rupiah/rupee.
The proposed methodology will use five randomly selected 15-minute windows within the one-hour period between 1330 IST and 1430 IST to collect dollar/rouble quotes. The benchmark will use closing prices from one-minute charts during the selected window, with a minimum threshold of two quotes required for computation.
FBIL said its analysis of quote availability over May 2025-Apr 2026 showed liquidity in the dollar/rouble market increased significantly after 1300 IST, making the selected time slot the most suitable for sourcing quotes.
The proposed rouble/rupee reference rate would be published around 1500 IST on all Mumbai business days, excluding Saturdays, Sundays, and bank holidays, and would be quoted up to four decimal places for one unit of the rouble. The benchmark administrator has invited market participants to submit feedback on the proposal by May 30. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Kabir Sharma
Edited by Rajeev Pai
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