| Table 27 : Exchange Rate Movements of the Rupee vis-à-vis | ||||||
| Major Trading Partner Currencies | ||||||
| Indicative | Average for | Average for | Appreciation/ | |||
| Selling Rates | 12 Months | 12 Months | (Depreciation) | |||
| ended Feb-98 | ended Feb-99 | of Rupee | ||||
| [1] | [2] | Between [1] & [2] | ||||
| Rupees | Rupees | Per Cent | ||||
| Australian dollar | 15.724 | 15.321 | 2.6 | |||
| Belgian franc (100) | 60.148 | 68.774 | (12.5) | |||
| China yuan | 2.635 | 2.996 | (12.0) | |||
| French franc | 3.635 | 4.191 | (13.3) | |||
| Deutsche mark | 12.222 | 14.053 | (13.0) | |||
| Hong Kong dollar | 2.821 | 3.201 | (11.9) | |||
| Indian rupee (100) | 59.457 | 59.316 | 0.2 | |||
| Italian lira (1000) | 12.630 | 14.352 | (12.0) | |||
| Japanese yen (100) | 17.752 | 19.163 | (7.4) | |||
| Kenya shilling (100) | 36.663 | 41.085 | (10.8) | |||
| New Zealand dollar | 13.945 | 13.008 | 7.2 | |||
| Singapore dollar | 14.350 | 14.865 | (3.5) | |||
| South African rand | 4.693 | 4.381 | 7.1 | |||
| Swiss franc | 14.768 | 17.031 | (13.3) | |||
| US dollar | 21.564 | 24.484 | (11.9) | |||
| Pound sterling | 35.292 | 40.553 | (13.0) | |||
| Euro* | 24.122 | 27.764 | (13.1) | |||
| *: Effective 1 January 1999, the Euro (EUR) was introduced replacing its precursor, the ECU, on a one-to-one basis. | ||||||
| Notes: | ||||||
| (I) With effect from 8 September 1998, there are no dealings for the Malaysian ringgit on account of its withdrawal from | ||||||
| the international financial system. | ||||||
| (ii) [1] is calculated on the basis of the monthly average exchange rates for the period March 1997 to February 1998. | ||||||
| [2] is calculated on the basis of the monthly average exchange rates for the period March 1998 to February 1999. | ||||||
| (iii) With effect from October 1998, the daily average exchange rate of the Rupee is based on the average selling rates | ||||||
| for T.T.& D.D. of all commercial banks. | ||||||
| (iv) The appreciation/depreciation of the exchange rate of the Rupee is calculated as follows: | ||||||
| (Previous period exchange rate - Current period exchange rate) ÷ Current period exchange rate | ||||||