In May 24
SBI Bank Forex Rate 15-05-24
SBI Forex Update & Old Data- Indian Rupee (INR) is commonly traded against major international currencies such as the US Dollar (USD), Euro (EUR), British Pound (GBP), Thai Baht (THB), Korean Won (KRW) and Japanese Yen (JPY).
Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the INR.
Latest Forex Rates Check Here: Sbi
For Latest RBI Data Click Here: RBI
| Time | 9:30 AM | ||||||||
| CARD RATES FOR TRANSACTIONS BETWEEN Rs. 10 LACS AND Rs. 20 LACS.(To be used as reference rates) | |||||||||
| CURRENCY | TT BUY | TT SELL | BILL BUY | BILL SELL | FOREX TRAVEL CARD BUY | FOREX TRAVEL CARD SELL | CN BUY | CN SELL | |
| UNITED STATES DOLLAR | USD/INR | 83.09 | 83.94 | 83.02 | 84.11 | 83.02 | 84.11 | 82.05 | 84.40 |
| UAE DIRHAM | AED/INR | 22.17 | 23.33 | 22.15 | 23.37 | 22.15 | 23.37 | 21.55 | 23.70 |
| AUSTRALIAN DOLLAR | AUD/INR | 54.62 | 56.44 | 54.58 | 56.56 | 54.58 | 56.56 | 52.55 | 58.70 |
| BANGLADESHI TAKA | BDT/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.57 | 0.74 |
| BAHRAINI DINAR | BHD/INR | 214.56 | 228.94 | 214.38 | 229.41 | 0.00 | 0.00 | 208.65 | 232.35 |
| CANADIAN DOLLAR | CAD/INR | 60.59 | 61.89 | 60.54 | 62.01 | 60.54 | 62.01 | 57.70 | 64.35 |
| SWISS FRANC | CHF/INR | 90.96 | 93.44 | 90.89 | 93.63 | 0.00 | 0.00 | 86.65 | 97.20 |
| CHINESE YUAN | CNY/INR | 0.00 | 0.00 | 11.41 | 11.72 | 0.00 | 0.00 | 0.00 | 0.00 |
| DANISH KRONER | DKK/INR | 12.01 | 12.23 | 12.00 | 12.25 | 0.00 | 0.00 | 11.45 | 12.70 |
| EURO | EUR/INR | 89.34 | 91.51 | 89.26 | 91.70 | 89.26 | 91.70 | 88.00 | 92.00 |
| GREAT BRITAIN POUND | GBP/INR | 104.06 | 106.38 | 103.97 | 106.60 | 103.97 | 106.60 | 102.50 | 107.45 |
| HONG KONG DOLLAR | HKD/INR | 10.60 | 10.78 | 10.59 | 10.80 | 0.00 | 0.00 | 10.10 | 11.20 |
| JAPANESE YEN | JPY/INR | 52.86 | 53.92 | 52.82 | 54.03 | 52.82 | 54.03 | 50.35 | 56.10 |
| KENYAN SHILLING | KES/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KOREAN WON | KRW/INR | 0.00 | 0.00 | 5.98 | 6.32 | 0.00 | 0.00 | 0.00 | 0.00 |
| KUWAITI DINAR | KWD/INR | 264.47 | 278.99 | 264.25 | 279.56 | 0.00 | 0.00 | 257.20 | 283.15 |
| SRILANKAN RUPEE | LKR/INR | 0.27 | 0.29 | 0.27 | 0.29 | 0.00 | 0.00 | 0.00 | 0.00 |
| MALAYSIAN RINGGIT | MYR/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 16.75 | 18.65 |
| NORWEGIAN KRONER | NOK/INR | 7.68 | 7.80 | 7.67 | 7.82 | 0.00 | 0.00 | 7.30 | 8.10 |
| NEW ZEALAND DOLLAR | NZD/INR | 49.71 | 51.49 | 49.67 | 51.59 | 0.00 | 0.00 | 47.35 | 53.55 |
| OMANI RIYAL | OMR/INR | 210.89 | 223.35 | 210.71 | 223.80 | 0.00 | 0.00 | 205.10 | 226.70 |
| PAKISTANI RUPEE | PKR/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.28 | 0.32 |
| QATARI RIAL | QAR/INR | 22.36 | 23.54 | 22.35 | 23.59 | 0.00 | 0.00 | 21.75 | 23.90 |
| RUBLE | RUB/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| SAUDI ARABIAN RIYAL | SAR/INR | 21.80 | 22.87 | 21.78 | 22.65 | 21.78 | 22.65 | 21.15 | 22.65 |
| SWEDISH KRONA | SEK/INR | 7.68 | 7.80 | 7.68 | 7.82 | 0.00 | 0.00 | 7.30 | 8.10 |
| SINGAPORE DOLLAR | SGD/INR | 61.20 | 62.52 | 61.15 | 62.65 | 61.15 | 62.65 | 58.30 | 65.00 |
| THAI BAHT | THB/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 216.20 | 238.50 |
| TURKISH LIRA | TRY/INR | 0.00 | 0.00 | 2.52 | 2.66 | 0.00 | 0.00 | 0.00 | 0.00 |
| SOUTH AFRICAN RAND | ZAR/INR | 4.43 | 4.66 | 4.43 | 4.67 | 0.00 | 0.00 | 4.25 | 4.80 |
| CARD RATES FOR TRANSACTIONS BELOW Rs. 10 LACS | |||||||||
| CURRENCY | TT BUY | TT SELL | BILL BUY | BILL SELL | FOREX TRAVEL CARD BUY | FOREX TRAVEL CARD SELL | CN BUY | CN SELL | |
| UNITED STATES DOLLAR | USD/INR | 82.74 | 84.24 | 82.67 | 84.41 | 82.67 | 84.41 | 81.70 | 84.70 |
| UAE DIRHAM | AED/INR | 22.08 | 23.41 | 22.06 | 23.46 | 22.06 | 23.46 | 21.45 | 23.75 |
| AUSTRALIAN DOLLAR | AUD/INR | 54.39 | 56.64 | 54.34 | 56.76 | 54.34 | 56.76 | 52.35 | 58.90 |
| BANGLADESHI TAKA | BDT/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.57 | 0.75 |
| BAHRAINI DINAR | BHD/INR | 213.65 | 229.76 | 213.47 | 230.22 | 0.00 | 0.00 | 207.75 | 233.20 |
| CANADIAN DOLLAR | CAD/INR | 60.33 | 62.11 | 60.28 | 62.23 | 60.28 | 62.23 | 57.45 | 64.60 |
| SWISS FRANC | CHF/INR | 90.58 | 93.77 | 90.50 | 93.96 | 0.00 | 0.00 | 86.30 | 97.50 |
| CHINESE YUAN | CNY/INR | 0.00 | 0.00 | 11.36 | 11.76 | 0.00 | 0.00 | 0.00 | 0.00 |
| DANISH KRONER | DKK/INR | 11.96 | 12.27 | 11.95 | 12.29 | 0.00 | 0.00 | 11.40 | 12.75 |
| EURO | EUR/INR | 88.96 | 91.84 | 88.89 | 92.02 | 88.89 | 92.02 | 87.65 | 92.35 |
| GREAT BRITAIN POUND | GBP/INR | 103.62 | 106.76 | 103.53 | 106.98 | 103.53 | 106.98 | 102.05 | 107.85 |
| HONG KONG DOLLAR | HKD/INR | 10.56 | 10.82 | 10.55 | 10.84 | 0.00 | 0.00 | 10.05 | 11.25 |
| JAPANESE YEN | JPY/INR | 52.64 | 54.11 | 52.59 | 54.22 | 52.59 | 54.22 | 50.15 | 56.25 |
| KENYAN SHILLING | KES/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| KOREAN WON | KRW/INR | 0.00 | 0.00 | 5.96 | 6.34 | 0.00 | 0.00 | 0.00 | 0.00 |
| KUWAITI DINAR | KWD/INR | 263.36 | 279.99 | 263.14 | 280.55 | 0.00 | 0.00 | 256.10 | 284.20 |
| SRILANKAN RUPEE | LKR/INR | 0.27 | 0.29 | 0.27 | 0.29 | 0.00 | 0.00 | 0.00 | 0.00 |
| MALAYSIAN RINGGIT | MYR/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 16.65 | 18.75 |
| NORWEGIAN KRONER | NOK/INR | 7.65 | 7.83 | 7.64 | 7.84 | 0.00 | 0.00 | 7.30 | 8.15 |
| NEW ZEALAND DOLLAR | NZD/INR | 49.50 | 51.67 | 49.46 | 51.77 | 0.00 | 0.00 | 47.15 | 53.75 |
| OMANI RIYAL | OMR/INR | 210.00 | 224.14 | 209.82 | 224.60 | 0.00 | 0.00 | 204.20 | 227.50 |
| PAKISTANI RUPEE | PKR/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.28 | 0.32 |
| QATARI RIAL | QAR/INR | 22.27 | 23.62 | 22.25 | 23.67 | 0.00 | 0.00 | 21.65 | 23.95 |
| RUBLE | RUB/INR | 0.00 | 0.00 | 0.89 | 0.94 | 0.00 | 0.00 | 0.00 | 0.00 |
| SAUDI ARABIAN RIYAL | SAR/INR | 21.71 | 22.95 | 21.69 | 22.65 | 21.69 | 22.65 | 21.05 | 22.65 |
| SWEDISH KRONA | SEK/INR | 7.65 | 7.83 | 7.64 | 7.85 | 0.00 | 0.00 | 7.30 | 8.15 |
| SINGAPORE DOLLAR | SGD/INR | 60.94 | 62.75 | 60.89 | 62.87 | 60.89 | 62.87 | 58.05 | 65.25 |
| THAI BAHT | THB/INR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 215.30 | 239.35 |
| TURKISH LIRA | TRY/INR | 0.00 | 0.00 | 2.51 | 2.67 | 0.00 | 0.00 | 0.00 | 0.00 |
| SOUTH AFRICAN RAND | ZAR/INR | 4.41 | 4.68 | 4.41 | 4.69 | 0.00 | 0.00 | 4.25 | 4.80 |
Introduction:
A foreign exchange rate is the price of the domestic currency stated in terms of different currency. Forex exchange, also known as Forex trading or currency trading, plays a vital role in global economies. In other words, a foreign exchange rate compares one currency with another currency to show their relative values.
Forex exchange refers to the buying and selling of currencies on the foreign exchange market. Since standardized currencies around the world float in value with supply, demand and consumer confidence, its values change relatively to each over time.
For example, one US dollar in 2020 was worth about 0.68 Euros. In 2023, one US dollar is worth 0.75 Euros. This means the dollar has increased its value over three-year span, but the Euro is still 25% more valuable. The forex market is the biggest, highly liquid market in the world, with trillions of dollars changing every day.
There is no centralized location, rather ‘the forex market is an electronic network of banks, brokers, institutions, and individual traders (mostly trading through brokers or banks). Participants in the Forex market include individuals, financial institutions, corporations, and governments.
Forex Trading in India:
Regulatory Framework Forex trading in India is regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The RBI oversees currency exchange and sets guidelines to maintain stability. SEBI regulates Forex trading through authorized brokers and facilitates investor protection.
Currency Pairs in India:
The Indian Rupee (INR) is commonly traded against major international currencies such as the US Dollar (USD), Euro (EUR), British Pound (GBP), and Japanese Yen (JPY). Currency pairs involving the INR offer diverse trading opportunities for market participants.
Comprehensive understanding of market Dynamics:
Understanding Market Dynamics Successful Forex trading requires a comprehensive understanding of market dynamics, including factors influencing currency exchange rates, global economic indicators, geopolitical events, and central bank policies. Continuous learning and staying informed are crucial for making informed trading decisions.
Legal and Tax:
Legal and Tax Implications Complying with legal and tax requirements is vital in Forex trading. Traders must adhere to regulatory guidelines, report their earnings accurately, and fulfill tax obligations as per Indian laws. Seeking professional advice can ensure compliance and mitigate potential legal and financial risks.
Explanation of Terms:
T.T. Buying:
Rate at which a Foreign Inward Remittance received by Telegraphic Transfer, Foreign DD or Foreign Cheque is converted into Rupees. In respect of Foreign DDs & Cheques, interest/charges at the ruling rate will be deducted towards transit period/collection as per FEDAI guidelines.
T.C. Buying:
Rate at which Foreign Currency Traveller’s Cheques are bought from the customer. Currency Buying – Rate at which Foreign Currency Note is bought from the customer.
T.T. Selling:
Rate applicable when a customer sends an outward remittance through Telegraphic Transfer or through Issuance of Demand Draft.
T.C. Selling:
Rate applicable when a customer buys Foreign Currency Traveller’s Cheques from the Bank. The same will be arranged through TC issuers.
Currency Selling:
Rate applicable when a customer buys Foreign Currency notes from the Bank. This is however, subject to availability of currency notes at the Branch concerned.
State Bank Of India
Latest Forex Rates In India
Note: All Rates Displayed below are directly taking from respective websites of bank. For more exact details, Please contact Concern Bank.
In the context of forex exchange rates in India, there are several terminologies used. Here are some key terms you should be familiar with:
- Base Currency: The base currency is the currency against which exchange rates are quoted. In India, the Indian Rupee (INR) is often the base currency for forex exchange rates.
- Quote Currency: The quote currency is the currency in which the exchange rate is expressed. For example, when quoting the exchange rate of INR to USD, USD would be the quote currency.
- Bid Price: The bid price represents the price at which a market participant is willing to buy the base currency. It is the price at which you can sell the quote currency in exchange for the base currency.
- Ask Price: The ask price is the price at which a market participant is willing to sell the base currency. It is the price at which you can buy the quote currency in exchange for the base currency.
- Spread: The spread refers to the difference between the bid and ask prices. It represents the transaction cost or the profit margin for the currency exchange service provider.
- Exchange Rate: The exchange rate indicates the value of one currency in relation to another. It represents the rate at which one currency can be exchanged for another.
- Interbank Rate: Interbank rates are the rates at which banks trade currencies with each other. They serve as benchmarks for forex exchange rates and are typically more favorable than retail rates.
- Spot Rate: The spot rate refers to the current exchange rate for immediate settlement or delivery of currencies. It is the prevailing rate for on-the-spot transactions.
- Forward Rate: A forward rate is an exchange rate agreed upon today but with a future delivery or settlement date. It allows parties to lock in an exchange rate for a future transaction, protecting against currency fluctuations.
- Cross Currency Pair: A cross currency pair involves two currencies other than the domestic currency (INR) in India. For example, trading USD to EUR or GBP to JPY would be considered cross currency pairs.
Understanding these terminologies will help you navigate the forex exchange market in India and make informed decisions when dealing with currency transactions.
Conclusion:
Forex exchange in India offers individuals and businesses a gateway to participate in the global currency market.
With the right knowledge, understanding market dynamics, and adhering to regulatory frameworks, traders can unlock opportunities and navigate the intricacies of Forex trading.
By embracing this dynamic field, participants can harness the potential for financial growth and contribute to India’s thriving economy.