You can get the accuracy down to
exact length
by using only a single ruler.
The trick is to
use the rod itself as a measurement tool: Start by placing the two unnecessary rulers on a table, parallel to each other, a rod length apart. Then use the 1/10 metre ruler to measure "forwards" from one ruler in 10 centimetre units until you get past the other ruler. Then, measure backwards a single rod length, so your "spot" is again between the two parallel rulers. Continue measuring back and forth like this, always keeping count of the units measured in both directions.
Because the length of the rod (42.2 cm) and the measurement unit (10cm) are rational multiples of each other, eventually a marking on the ruler is guaranteed to exactly coincide with the target ruler we placed at the beginning.
When this happens, it is simple to calculate the exact length of the rod with basic algebra. In our case it will happen after measuring
211 units of 10 centimetres forward, and 49 rod lengths backwards,
because
$$211 \times 10 \text{ cm} = 50 \times 42.2 \text{cm}$$
The reason for the increased accuracy is of course that
* measuring a longer distance with the same sized ruler will give a smaller proportional error, and
* doing it one rod length at a time lets us stop at the minimal error,
* which will be zero unless the two lengths are irrational wrt. each other.
NB. You don't actually need any divisions on the ruler for this method to work, the actual length of the measurement unit is (almost) irrelevant. For practical purposes though, the 10cm unit is better than the 1 meter: with several units marked on a single ruler, you'll only ever need to move the rod to a spot that is clearly marked.