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 February-99	ended February-00	of Rupee
	[1]	[2]	Between [1] & [2]
			Per Cent
Australian dollar	15.3214	16.3739	(6.4)
Belgian franc (100)	68.7739	65.3369	5.3
French franc	4.1911	4.0499	3.5
Deutsche mark	14.0535	13.5823	3.5
Hong Kong dollar	3.2010	3.3185	(3.5)
Indian rupee (100)	59.3160	59.7835	(0.8)
Italian lira (1000)	14.3524	13.7185	4.6
Japanese yen (100)	19.1629	22.7584	(15.8)
Kenya shilling (100)	41.0851	35.9301	14.3
New Zealand dollar	13.0077	13.3526	(2.6)
Singapore dollar	14.8651	15.2115	(2.3)
South African rand	4.3812	4.2005	4.3
Swiss franc	17.0313	16.5824	2.7
US dollar	24.4838	25.4473	(3.8)
Pound sterling	40.5530	41.0500	(1.2)
Euro1	27.7636	26.5661	4.5
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 March 1998 to February 1999.
[2] is calculated on the basis of the monthly average exchange rates for the period March 1999 to February 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.