RBI fixes rupee value at Rs 54.95

Mumbai, June 7 (UNI) The Reserve Bank today fixed the rupee value of the special currency basket at Rs 54.95.

The revised rate will become effective from May 3.

Currency basket is a selected group of currencies whose weighted average is used as a measure of the value or the amount of an obligation.

The currency basket functions as a benchmark for regional currency movements - its composition and weighting depends on its purpose.

In an earlier revision on June 1, the central bank had fixed the rate at Rs 56.82.

The currency basket is commonly used in contracts as a way of avoiding risk of currency fluctuations.

UNI