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 Jul-99	ended Jul-00	of Rupee
	[1]	[2]	Between [1] & [2]
			Per Cent
Australian dollar	15.7229	16.0779	(2.2)
Belgian franc (100)	68.6545	63.4647	8.2
French franc	4.2430	3.9024	8.7
Deutsche mark	14.2291	13.0883	8.7
Hong Kong dollar	3.2735	3.3500	(2.3)
Indian rupee (100)	59.5502	59.8031	(0.4)
Italian lira (1000)	14.4176	13.2134	9.1
Japanese yen (100)	20.5903	24.1526	(14.7)
Kenya shilling (100)	39.7450	35.0966	13.2
New Zealand dollar	13.3036	12.8528	3.5
Singapore dollar	14.9710	15.3411	(2.4)
South African rand	4.2102	4.0775	3.3
Swiss franc	17.3576	16.0972	7.8
US dollar	25.0499	25.7432	(2.7)
Pound sterling	40.9404	40.8119	0.3
Euro1	27.9301	25.5988	9.1
1 Effective 1 January 1999, the Euro (EUR) was introduced replacing its precursor, the ECU, on a one-to-one basis.
Notes:
(i)  [1] is calculated on the basis of the monthly average exchange rates for the period August 1998 to July 1999.
[2] is calculated on the basis of the monthly average exchange rates for the period August 1999 to July 2000.
(ii)  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.
(iii)  The appreciation/depreciation of the Rupee is calculated as follows:
(Previous period exchange rate - Current period exchange rate) ÷ Current period exchange rate.