| Table 30 : 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 July-98 | ended July-99 | of Rupee | |||
| [1] | [2] | Between [1] & [2] | |||
| Per Cent | |||||
| Australian dollar | 15.4383 | 15.7229 | (1.8) | ||
| Belgian franc (100) | 62.8129 | 68.6545 | (8.5) | ||
| French franc | 3.8038 | 4.2430 | (10.4) | ||
| Deutsche mark | 12.7577 | 14.2291 | (10.3) | ||
| Hong Kong dollar | 2.9984 | 3.2735 | (8.4) | ||
| Indian rupee (100) | 59.8125 | 59.5502 | 0.4 | ||
| Italian lira (1000) | 13.1831 | 14.4176 | (8.6) | ||
| Japanese yen (100) | 17.8983 | 20.5903 | (13.1) | ||
| Kenya shilling (100) | 37.4724 | 39.7450 | (5.7) | ||
| New Zealand dollar | 13.4072 | 13.3036 | 0.8 | ||
| Singapore dollar | 14.3837 | 14.9710 | (3.9) | ||
| South African rand | 4.6479 | 4.2102 | 10.4 | ||
| Swiss franc | 15.5136 | 17.3576 | (10.6) | ||
| US dollar | 22.9198 | 25.0499 | (8.5) | ||
| Pound sterling | 37.6404 | 40.9404 | (8.1) | ||
| Euro* | 25.3062 | 27.9301 | (9.4) | ||
| *: Effective 1 January 1999, the Euro (EUR) was introduced replacing its precursor, the ECU, on a one-to-one basis. | |||||
| Notes: | |||||
| (ii) [1] is calculated on the basis of the monthly average exchange rates for the period August 1997 to July 1998. | |||||
| [2] is calculated on the basis of the monthly average exchange rates for the period August 1998 to July 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) With effect from 10 June 1999, there are no dealings for the China yuan. | |||||
| (v) 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 | |||||