| 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 May-98 | ended May-99 | of Rupee | ||||
| [1] | [2] | Between [1] & [2] | ||||
| Rupees | Rupees | Per Cent | ||||
| Australian dollar | 15.5930 | 15.4003 | 1.3 | |||
| Belgian franc (100) | 61.4491 | 68.8969 | (10.8) | |||
| China yuan | 2.7324 | 3.0180 | (9.5) | |||
| French franc | 3.7177 | 4.2467 | (12.5) | |||
| Deutsche mark | 12.4828 | 14.2410 | (12.3) | |||
| Hong Kong dollar | 2.9236 | 3.2505 | (10.1) | |||
| Indian rupee (100) | 60.0968 | 59.2320 | 1.5 | |||
| Italian lira (1000) | 12.9199 | 14.4769 | (10.8) | |||
| Japanese yen (100) | 18.0795 | 19.9101 | (9.2) | |||
| Kenya shilling (100) | 37.0429 | 40.8275 | (9.3) | |||
| New Zealand dollar | 13.6989 | 13.1412 | 4.2 | |||
| Singapore dollar | 14.4476 | 14.8683 | (2.8) | |||
| South African rand | 4.7187 | 4.2234 | 11.7 | |||
| Swiss franc | 15.2015 | 17.3000 | (12.1) | |||
| US dollar | 22.3464 | 24.8657 | (10.1) | |||
| Pound sterling | 36.7497 | 40.9125 | (10.2) | |||
| Euro* | 24.7352 | 28.0234 | (11.7) | |||
| *: 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 June 1997 to May 1998. | ||||||
| [2] is calculated on the basis of the monthly average exchange rates for the period June 1998 to May 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 | ||||||