Table 195 : Indices of Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) of The Indian Rupee

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Table 195 : Indices of Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) of The Indian Rupee

			(Base : 1985 = 100)
Year / Month	Export-based weights		Trade-based weights
	REER	NEER	REER	NEER
1	2	3	4	5
Based on Official rate
1990
Jan	75.84	71.36	77.60	72.29
Feb	75.66	70.91	77.44	71.83
Mar	77.02	71.71	78.70	72.52
Apr	77.29	71.40	79.01	72.17
May	76.67	70.45	78.48	71.27
Jun	76.79	70.18	78.90	71.04
Jul	76.22	69.07	78.41	69.97
Aug	74.70	67.98	76.83	68.83
Sep	71.87	65.59	74.06	66.53
Oct	70.15	63.71	72.46	64.78
Nov	70.22	63.38	72.67	64.54
Dec	71.99	64.14	74.48	65.31
1991
Jan	71.93	63.91	74.43	65.12
Feb	70.05	61.62	72.56	62.79
Mar	72.04	62.86	74.69	64.08
Apr	71.50	62.29	74.31	63.63
May	69.49	60.61	72.23	61.89
Jun	68.33	60.42	70.99	61.73
Jul	58.17	49.80	60.56	50.91
Aug	60.14	49.04	62.54	50.10
Sep	59.30	48.24	61.73	49.32
Oct	59.28	48.45	61.70	49.51
Nov	58.27	47.77	60.55	48.74
Dec	56.12	45.93	59.32	47.64
1992
Jan	57.10	46.32	60.39	48.07
Feb	58.08	46.66	61.83	48.66
Mar	60.59	47.96	64.24	49.89
Apr	60.68	48.18	64.46	50.09
May	60.59	47.83	64.43	49.77
Jun	59.72	46.87	63.67	48.87
Jul	59.97	46.09	63.82	48.04
Aug	59.90	45.92	63.80	47.86
Sep	60.48	46.12	64.46	48.15
Oct	62.10	47.18	66.30	49.32
Nov	63.80	48.82	68.29	51.17
Dec	63.42	48.44	67.96	50.83
1993
Jan	63.82	49.05	68.47	51.52
Feb	64.69	49.54	69.51	52.13
Based on FEDAI rate

1992
Mar	53.30	42.16	56.53	43.87
Apr	50.86	40.34	54.05	41.95
May	51.76	40.82	55.06	42.48
Jun	51.19	40.14	54.60	41.86
Jul	52.50	41.02	55.74	42.43
Aug	53.30	41.80	56.00	42.51
Sep	54.00	42.05	56.72	42.80
Oct	55.60	43.07	58.37	43.90
Nov	57.80	44.52	60.04	45.50
Dec	57.15	43.75	59.10	44.75
1993
Jan	57.16	44.12	59.25	45.18
Feb	54.76	42.16	56.89	43.24
Mar	56.98	43.85	59.15	44.94
Apr	55.81	42.86	57.95	43.93
May	55.92	42.78	58.14	43.89
Jun	56.60	42.88	58.99	44.09
Jul	57.87	43.52	60.34	44.77
Aug	58.42	43.32	61.02	44.63
Sep	58.79	42.94	61.33	44.18
Oct	60.25	43.30	62.84	44.54
Nov	60.76	43.83	63.37	45.06
Dec	61.02	44.05	63.53	45.20
Based on FEDAI rate
1994
Jan	61.49	44.45	64.05	45.67
Feb	61.31	44.08	63.98	45.36
Mar	60.89	43.74	63.55	44.99
Apr	63.34	43.67	66.17	44.97
May	63.22	43.33	65.96	44.57
Jun	63.60	42.99	66.31	44.20
Jul	63.04	42.26	65.72	43.45
Aug	63.28	42.33	65.95	43.48
Sep	62.85	42.05	65.53	43.19
Oct	62.62	41.65	65.30	42.78
Nov	62.96	41.79	65.69	42.92
Dec	64.25	42.27	67.07	43.41
1995
Jan	64.37	42.01	67.19	43.15
Feb	64.14	41.78	66.96	42.91
Mar	64.84	40.31	64.60	41.44
Apr	62.17	39.84	65.00	40.98
May	62.98	40.17	65.88	41.30
Jun	62.99	40.07	65.91	41.20
Jul	63.78	40.21	66.63	41.28
Aug	64.53	40.86	67.35	41.91
Sep	62.05	39.36	64.72	40.33
Oct	59.41	37.59	61.92	38.49
Nov	59.36	37.52	61.89	38.41
Dec	59.06	37.52	61.62	38.44
1996
Jan	58.10	37.05	60.58	37.93
Feb	56.70	36.19	59.12	37.06
Mar	60.17	38.52	62.75	39.44
Apr	61.47	39.02	64.09	39.94
May	60.59	38.28	63.25	39.21
Jun	60.91	38.33	63.57	39.24
Jul	60.66	37.64	63.29	38.52
Aug	60.35	37.28	62.97	38.15
Sep	60.62	37.45	63.27	38.32
Oct	60.86	37.76	63.52	38.63
Nov	60.27	37.38	62.90	38.23
Dec	60.78	37.61	63.45	38.48
1997
Jan	61.37	38.15	64.05	39.03
Feb	62.74	38.96	65.50	39.85
Mar	63.02	39.18	65.84	40.09
Apr	64.25	39.43	67.17	40.34
May	63.50	39.03	66.47	39.99
Jun	63.60	38.90	66.68	39.92
Jul	64.45	39.43	67.66	40.51
Aug	65.40	40.02	68.68	41.13
Sep	64.92	39.53	68.22	40.63
Oct	65.25	39.66	68.64	40.79
Nov	63.51	38.74	66.81	39.85
Dec	61.86	37.68	65.22	38.82
1998
Jan	63.27	38.39	66.87	39.60
Feb	62.91	38.41	66.38	39.55
Mar	62.15	37.90	65.51	38.97
Apr	62.83	37.72	66.19	38.79
May	62.39	37.25	65.68	38.25
Jun	61.08	36.13	64.29	37.07
Jul	61.20	35.96	64.49	36.92
Aug	60.99	35.94	64.32	36.92
Sep	59.67	35.09	62.92	36.06
Oct	58.61	34.12	61.89	35.14
Nov	59.21	34.28	62.51	35.32
Dec	58.50	33.93	61.80	34.96

				(Base : 1985 = 100)
Year / Month		Export-based weights		Trade-based weights
		REER	NEER	REER	NEER
1		2	3	4	5
1999
Jan		57.91	33.97	61.23	35.02
Feb		59.18	34.50	62.56	35.56
Mar		59.96	34.98	63.40	36.07
Apr		59.81	34.88	63.25	35.95
May		60.06	34.96	63.45	36.01
Jun		60.04	34.81	63.51	35.89
Jul		60.12	34.80	63.64	35.92
Aug		59.23	34.07	62.73	35.18
Sep		59.06	33.84	62.59	34.99
Oct		59.01	33.51	62.58	34.66
Nov		59.69	33.91	63.40	35.12
Dec		59.19	33.91	62.91	35.16
2000
Jan		59.09	33.91	62.74	35.13
Feb		59.94	34.45	63.66	35.67
Mar		61.18	34.56	65.07	35.83
Apr		62.23	34.69	66.29	36.01
May		63.07	35.18	67.21	36.53
Jun		61.34	34.15	65.30	35.40
Jul		61.68	34.31	65.65	35.57
Aug		61.15	33.95	65.15	35.23
Sep		61.98	34.24	66.08	35.56
Oct		63.26	34.27	67.53	35.64
Nov		63.09	34.11	67.30	35.46
Dec		62.52	33.73	66.57	34.97
2001
Jan		62.60	33.79	66.51	34.95
Feb		62.89	34.05	66.89	35.23
Mar		63.81	34.46	67.86	35.66
Apr		64.36	34.71	68.39	35.91
May		64.33	34.74	68.37	35.94
Jun		64.95	35.02	69.06	36.24
Jul		65.01	34.92	69.11	36.14
Aug		63.89	34.19	67.91	35.38
Sep		62.77	33.66	66.74	34.83
Oct		63.21	33.65	67.19	34.81
Nov		63.67	33.88	67.67	35.04
Dec		64.16	34.20	68.08	35.31
2002
Jan		63.76	34.24	67.58	35.32
Feb		63.39	34.17	67.20	35.25
Mar		68.88	37.12	73.83	38.89
Apr		69.05	36.81	74.10	38.55
May		67.84	36.09	72.77	37.79
Jun		67.47	35.50	72.39	37.16
Jul		66.67	34.87	71.56	36.52
Aug		67.95	35.30	72.96	36.98
Sep		68.28	35.36	73.21	37.04
Oct		68.65	35.61	73.55	37.27
Nov		68.58	35.49	73.45	37.14
Dec		67.80	35.22	72.56	36.84
2003
Jan		66.84	34.74	71.48	36.31
Feb		67.50	34.91	72.06	36.42
Mar		68.39	35.02	73.00	36.53
Apr		69.53	35.25	74.14	36.72
May		68.29	34.52	72.67	35.88
Jun	P	68.70	34.69	73.07	36.03
Jul	P	70.07	35.44	74.55	36.83
Aug	P	71.10	35.98	75.71	37.42
Sep	P	71.12	35.65	75.75	37.09
Oct	P	70.43	35.22	75.04	36.65
Nov	P	70.17	34.94	74.72	36.34
Dec	P	68.74	34.25	73.11	35.58
2004
Jan	P	68.58	33.89	72.88	35.18
Feb	P	68.97	33.97	73.32	35.26
Mar	P	70.23	34.69	74.72	36.03
Apr	P	72.35	35.58	77.01	36.97
May	P	70.38	34.43	74.78	35.72
P Provisional.
Note : 1. The indices of REER are recalculated from April 1994 onwards using the new Wholesale Price Index (WPI)series (Base:1993-94 = 100).
2. The REER and NEER indices are estimated using the common price index and the exchange rate for the Euro, thus representing 31 countries and the Euro area w.e.f. 01.03.2002.
3. Under the Liberalised Exchange Rate Management System (LERMS), a dual exchange rate structure characterised by the co-existence of the official exchange rate and the market (FEDAI) rate remained in operation from March 1, 1992 to February 28, 1993.