Table 31: 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 Aug-99	ended Aug-00	of Rupee
	[1]	[2]	Between [1] & [2]
			Per Cent
Australian dollar	15.8740	15.9887	(0.7)
Belgian franc (100)	68.5741	62.8104	9.2
French franc	4.2427	3.8622	9.9
Deutsche mark	14.2286	12.9535	9.8
Hong Kong dollar	3.2815	3.3596	(2.3)
Indian rupee (100)	59.6693	59.7402	(0.1)
Italian lira (1000)	14.3959	13.0771	10.1
Japanese yen (100)	21.0363	24.3283	(13.5)
Kenya shilling (100)	39.1034	35.1347	11.3
New Zealand dollar	13.3839	12.7146	5.3
Singapore dollar	15.0611	15.3592	(1.9)
South African rand	4.2287	4.0465	4.5
Swiss franc	17.3836	15.9761	8.8
US dollar	25.1160	25.8282	(2.8)
Pound sterling	40.9887	40.6817	0.8
Euro1	27.9004	25.3349	10.1
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 1998 to August 1999.
[2] is calculated on the basis of the monthly average exchange rates for the period September 1999 to August 2000.
(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.