| Table 31 : 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 Jan-98 | ended Jan-99 | of Rupee | ||
| [1] | [2] | Between [1] & [2] | ||
| Rupees | Rupees | Per Cent | ||
| Australian dollar | 15.723 | 15.283 | 2.9 | |
| Belgian franc (100) | 59.963 | 68.261 | (12.2) | |
| China yuan | 2.613 | 2.979 | (12.3) | |
| French franc | 3.622 | 4.156 | (12.8) | |
| Deutsche mark | 12.185 | 13.934 | (12.6) | |
| Hong Kong dollar | 2.797 | 3.182 | (12.1) | |
| Indian rupee (100) | 59.253 | 59.304 | (0.1) | |
| Italian lira (1000) | 12.590 | 14.248 | (11.6) | |
| Japanese yen (100) | 17.627 | 18.937 | (6.9) | |
| Kenya shilling (100) | 36.486 | 40.942 | (10.9) | |
| New Zealand dollar | 13.981 | 12.988 | 7.6 | |
| Singapore dollar | 14.376 | 14.802 | (2.9) | |
| South African rand | 4.684 | 4.419 | 6.0 | |
| Swiss franc | 14.650 | 16.899 | (13.3) | |
| US dollar | 21.382 | 24.341 | (12.2) | |
| Pound sterling | 34.969 | 40.336 | (13.3) | |
| Euro* | 24.021 | 27.554 | (12.8) | |
| *: 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 February 1997 to January 1998. | ||||
| [2] is calculated on the basis of the monthly average exchange rates for the period February 1998 to January 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 | ||||