The RBI reference rate and the mid-market rate sit close to each other, and neither is the rate you will be given. A credit card used abroad takes around 3.5% before GST — over ₹3,000 on $1,000, which is more than the rupee usually moves in a month. The channel you convert through costs more than the day you convert on.
USD to INR: official and mid-market rate
The midpoint of the interbank market — the number to measure a bank’s margin against, and not a rate you can transact at.
Checked at source 9 Oct 2026·European Central Bank reference rates
What Indian regulation cites — customs valuation, Schedule FA reporting and TCS thresholds all work off this number, published each working day at 1.00pm.
Checked at source 9 Oct 2026·FBIL, published by the RBI
USD to INR rate by provider
If you are sending money rather than spending it, the channel comparison continues on best remittance services, and the forex markup calculator works out what a given markup costs on your own amount.
What to know
Two official-looking numbers sit on this page, and they are not the same. The RBI publishes a reference rate each working day at 1.00pm, sourced from FBIL. Indian rules cite that figure. Customs valuation, Schedule FA reporting and TCS limits all work off it. The mid-market rate is the midpoint of the interbank market. It is what Google and the transfer apps quote. Today the two differ by about 0.10%. Neither is wrong. They are struck at different times by different bodies. So a bank quoting the RBI rate is not quoting the same thing as one quoting the market rate.
The margin is where the money goes. It is rarely shown as a fee. A provider hands you a rate that is already worse than mid-market and keeps the difference. That is why comparing zero-commission offers is close to useless. What matters is the rate you are given. Do the sum yourself. Take the amount, multiply by the rate you were quoted, then do the same at mid-market. The gap is what the service cost you, whatever the fee line says.
In a typical month the rupee moves by a per cent or so against the dollar. In the same month, the cheapest and dearest ways to convert $1,000 are thousands of rupees apart. Timing the currency is hard and uncertain. Picking the right channel is easy and certain, and it is worth far more. Our currency converter does the mid-market sum for you. Converting money this week? Spend your time on the second question. Ignore the first.
Frequently asked questions
What is the mid-market rate, and why can I not get it?
It is the midpoint between what banks will buy and sell a currency for. That trading happens in the wholesale market, in large size, between banks. No retail customer deals there. It is still the right yardstick. Every provider prices off it and keeps a margin. Measure their quote against mid-market and you know what the service charges you.
Which rate does the tax department use?
For Indian tax and regulatory work, the RBI reference rate is the one that counts. It is used for customs valuation, and for reporting foreign assets and income. That is the figure shown here as the official rate. The mid-market rate is a market reading, not a legal one. Filling in a form? Use the official rate for the right date.
Why is my bank’s rate so different from the rate here?
Because the bank has built its margin into the rate instead of charging a visible fee. Wire transfers often carry the widest margin of any channel. A flat charge usually sits on top. Ask for the exact rate you will get, in writing, before you confirm. Then multiply it out and compare it with the mid-market figure above. The difference is the true cost.
Is a card or cash better when I travel?
It depends on the card. An ordinary credit card used abroad usually carries a markup near 3.5%. GST is charged on that markup too. A forex card loads at a smaller margin, but adds an issue fee and its own ATM charges. Cash has no markup, but real risk, and money changers vary a lot. Work out the total cost on the sum you are really taking, not on the headline rate.
Sources
- Reserve Bank of India — Reference rates for the rupee, published daily (sourced from FBIL) (primary source)
- European Central Bank — Euro foreign exchange reference rates (primary source)
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