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 October-98	ended October-99	of Rupee
	[1]	[2]	Between [1] & [2]
			Per Cent
Australian dollar	15.1046	16.1565	(6.5)
Belgian franc (100)	65.5964	67.6848	(3.1)
French franc	3.9795	4.1944	(5.1)
Deutsche mark	13.3370	14.0669	(5.2)
Hong Kong dollar	3.0921	3.2964	(6.2)
Indian rupee (100)	59.1051	59.6600	(0.9)
Italian lira (1000)	13.7238	14.2073	(3.4)
Japanese yen (100)	17.9476	21.8025	(17.7)
Kenya shilling (100)	39.3675	37.7927	4.2
New Zealand dollar	13.0192	13.4737	(3.4)
Singapore dollar	14.3872	15.1301	(4.9)
South African rand	4.4936	4.2338	6.1
Swiss franc	16.2168	17.1904	(5.7)
US dollar	23.6440	25.2421	(6.3)
Pound sterling	39.1961	40.9985	(4.4)
Euro1	26.4605	27.5399	(3.9)
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 November 1997 to October 1998.
[2] is calculated on the basis of the monthly average exchange rates for the period November 1998 to October 1999.
(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.