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 December-98	ended December-99	of Rupee
	[1]	[2]	Between [1] & [2]
			Per Cent
Australian dollar	15.2101	16.2782	(6.6)
Belgian franc (100)	67.4570	66.4259	1.6
French franc	4.1022	4.1176	(0.4)
Deutsche mark	13.7530	13.8092	(0.4)
Hong Kong dollar	3.1596	3.3075	(4.5)
Indian rupee (100)	59.2080	59.7460	(0.9)
Italian lira (1000)	14.0866	13.9464	1.0
Japanese yen (100)	18.5838	22.4104	(17.1)
Kenya shilling (100)	40.6843	36.6160	11.1
New Zealand dollar	12.9598	13.4523	(3.7)
Singapore dollar	14.6521	15.1467	(3.3)
South African rand	4.4495	4.2032	5.9
Swiss franc	16.6912	16.8724	(1.1)
US dollar	24.1642	25.3448	(4.7)
Pound sterling	40.0203	40.9542	(2.3)
Euro1	27.2280	27.0100	0.8
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 January 1998 to December 1998.
[2] is calculated on the basis of the monthly average exchange rates for the period January 1999 to December 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.