Reliability of Foreign Exchange Rate Information: An Analysis of Web-Based Sources

In this study, it has been tried to identify whether the various web-based sources that provide foreign exchange rate information are reliable up to the same level of adequacy. The reason for choosing web-based sources in this study is, at present time, web-based sources are more easily accessible, and there is ample scope of being misguided by such sources. The objective is not to identify which are the least reliable sources, rather to explore if there is any possibility of existence of least reliable ones. From the study, taking some sample data, it has been found that the means of the information of all the sources, under study, differ significantly. That means, at least one of these sources, are not satisfactorily reliable. The user might be cautious before relying on any particular source of foreign exchange rate information.