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 August-98	ended August-99	of Rupee
	[1]	[2]	Between [1] & [2]
			Per Cent
Australian dollar	15.2919	15.8740	(3.7)
Belgian franc (100)	63.6000	68.5741	(7.3)
French franc	3.8529	4.2427	(9.2)
Deutsche mark	12.9159	14.2286	(9.2)
Hong Kong dollar	3.0276	3.2815	(7.7)
Indian rupee (100)	59.5113	59.6693	(0.3)
Italian lira (1000)	13.3348	14.3959	(7.4)
Japanese yen (100)	17.7610	21.0363	(15.6)
Kenya shilling (100)	38.2012	39.1034	(2.3)
New Zealand dollar	13.2618	13.3839	(0.9)
Singapore dollar	14.3261	15.0611	(4.9)
South African rand	4.5868	4.2287	8.5
Swiss franc	15.6852	17.3836	(9.8)
US dollar	23.1434	25.1160	(7.9)
Pound sterling	38.0678	40.9887	(7.1)
Euro1	25.6245	27.9004	(8.2)
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 September 1997 to August 1998.
[2] is calculated on the basis of the monthly average exchange rates for the period September 1998 to August 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 exchange rate of the Rupee is calculated as follows:
(Previous period exchange rate - Current period exchange rate) ÷ Current period exchange rate