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 September-98	ended September-99	of Rupee
	[1]	[2]	Between [1] & [2]
			Per Cent
Australian dollar	15.1620	16.0486	(5.5)
Belgian franc (100)	64.5424	68.1670	(5.3)
French franc	3.9106	4.2234	(7.4)
Deutsche mark	13.1067	14.1642	(7.5)
Hong Kong dollar	3.0586	3.2900	(7.0)
Indian rupee (100)	59.3053	59.6880	(0.6)
Italian lira (1000)	13.5163	14.3088	(5.5)
Japanese yen (100)	17.7637	21.5035	(17.4)
Kenya shilling (100)	38.7916	38.4531	0.9
New Zealand dollar	13.1193	13.4601	(2.5)
Singapore dollar	14.3022	15.1253	(5.4)
South African rand	4.5289	4.2434	6.7
Swiss franc	15.9155	17.3085	(8.0)
US dollar	23.3825	25.1872	(7.2)
Pound sterling	38.6275	40.9821	(5.7)
Euro1	26.0088	27.7486	(6.3)
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 October 1997 to September 1998.
[2] is calculated on the basis of the monthly average exchange rates for the period October 1998 to September 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