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 Mar-98

ended Mar-99

of Rupee

[1]

[2]

Between [1] & [2]

Rupees

Rupees

Per Cent

Australian dollar

15.6936

15.2779

2.7

Belgian franc (100)

60.4500

68.9460

(12.3)

China yuan

2.6643

3.0033

(11.3)

French franc

3.6546

4.2233

(13.5)

Deutsche mark

12.2813

14.1621

(13.3)

Hong Kong dollar

2.8518

3.2217

(11.5)

Indian rupee (100)

59.6563

59.3534

0.5

Italian lira (1000)

12.7058

14.4399

(12.0)

Japanese yen (100)

17.8791

19.4063

(7.9)

Kenya shilling (100)

36.9152

41.1364

(10.3)

New Zealand dollar

13.8852

13.0104

6.7

Singapore dollar

14.3737

14.8783

(3.4)

South African rand

4.7015

4.3286

8.6

Swiss franc

14.9084

17.1629

(13.1)

US dollar

21.7974

24.6420

(11.5)

Pound sterling

35.7602

40.7319

(12.2)

Euro*

24.2803

27.9370

(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 April 1997 to March 1998.

[2] is calculated on the basis of the monthly average exchange rates for the period April 1998 to March 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