December 31,2004

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.43.5800 and the Reference Rate for Euro is Rs.59.4000 on December 31,2004. The corresponding rates for the previous day (December 30,2004) were Rs.43.7100 and Rs.59.5700 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 30,2004	83.9669	42.13
December 31,2004	84.0876	42.49

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 : 2004-2005/691