CBIC Announces Updated Exchange Rates, Featuring Key Arab Currencies

The Central Board of Indirect Taxes and Customs (CBIC) has released new exchange rates, effective from 22nd September 2023. These rates pertain to the conversion of various foreign currencies into Indian currency and vice versa. They play a pivotal role in determining the value of imported and exported goods, directly affecting trade, businesses, and consumers.

Bahraini Dinar (BHD):

- For Imported Goods: 228 INR

- For Export Goods: 214 INR

Kuwaiti Dinar (KWD):

- For Imported Goods: 277.65 INR

- For Export Goods: 261.1 INR

Qatari Riyal (QAR):

- For Imported Goods: 23.55 INR

- For Export Goods: 22.1 INR

Saudi Arabian Riyal (SAR):

- For Imported Goods: 22.85 INR

- For Export Goods: 21.5 INR

UAE Dirham (AED):

- For Imported Goods: 23.35 INR

- For Export Goods: 21.95 INR

US Dollar (USD):

- For Imported Goods: 84.05 INR

- For Export Goods: 82.3 INR

These rates have significant implications for both importers and exporters. For importers, the rate determines the exact cost in INR they would pay for purchasing goods from foreign countries. Conversely, exporters would use these rates to ascertain the amount they would receive in INR when they sell goods abroad.