December 23,2004

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.43.7900 and the Reference Rate for Euro is Rs.58.8500 on December 23,2004. The corresponding rates for the previous day (December 22,2004) were Rs.43.8800 and Rs.58.6500 respectively. Based on the Reference Rate for US dollar and middle rates of the cross currency quotes at 12 noon, the exchange rates of GBP and Japanese Yen against the rupee are:

Date	Currency
	1 GBP	100 YEN
December 22,2004	84.6818	42.06
December 23,2004	84.0440	42.13

Note : The reference rate is based on 12 noon rates of a few select banks in Mumbai. The SDR-Rupee rate will be based on this rate.

P.V.Sadanandan
Manager

Press Release : 2004-2005/655