Banks price large value merchant transactions from interbank rate (IBR). IBR is the price available to the bank in the interbank market. Therefore IBR could differ from bank to bank.
For small value transactions, banks publish a standard price for the day called as card rate. On most days for most banks, the card rate is same for the whole day. However on the days of high volatility, banks revise the card rate multiple times during the day. Card rate could vary significantly from bank to bank.
The FBIL reference rate is calculated for USD/INR, GBP/INR, EUR/INR and JPY /INR. The USD/INR reference rate is calculated based on actual spot USD/INR transactions taking place on the electronic platforms such as CCIL and Thomson Reuters between 11:30 to 12:30 hours on each working day.
The EUR/INR, GBP/INR and JPY/INR reference rates are computed by crossing the USD/INR reference rate of the day with the ruling EUR/USD, GBP/USD and USD/JPY spot rates.
The reference rates are published on the FBIL website www.fbil.org.in on all working days except on Saturday, Sunday and bank holidays in Mumbai.
MODELEXAM® 
www.realsoftinfoplan.com