| 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 June-98 | ended June-99 | of Rupee | |||
| [1] | [2] | Between [1] & [2] | |||
| Rupees | Rupees | Per Cent | |||
| Australian dollar | 15.5045 | 15.5791 | (0.5) | ||
| Belgian franc (100) | 62.0522 | 68.7923 | (9.8) | ||
| French franc | 3.7560 | 4.2457 | (11.5) | ||
| Deutsche mark | 12.6044 | 14.2380 | (11.5) | ||
| Hong Kong dollar | 2.9612 | 3.2628 | (9.2) | ||
| Indian rupee (100) | 60.0326 | 59.3480 | 1.2 | ||
| Italian lira (1000) | 13.0403 | 14.4522 | (9.8) | ||
| Japanese yen (100) | 18.0014 | 20.2398 | (11.1) | ||
| Kenya shilling (100) | 37.1457 | 40.3342 | (7.9) | ||
| New Zealand dollar | 13.5389 | 13.2396 | 2.3 | ||
| Singapore dollar | 14.4217 | 14.9130 | (3.3) | ||
| South African rand | 4.7118 | 4.1898 | 12.5 | ||
| Swiss franc | 15.3514 | 17.3286 | (11.4) | ||
| US dollar | 22.6350 | 24.9645 | (9.3) | ||
| Pound sterling | 37.2322 | 40.9580 | (9.1) | ||
| Euro* | 24.9987 | 27.9846 | (10.7) | ||
| *: 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 July 1997 to June 1998. | |||||
| [2] is calculated on the basis of the monthly average exchange rates for the period July 1998 to June 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 | |||||