December 16, 2002

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.48.1600 and the Reference Rate for Euro is Rs.49.2200 on December 16, 2002. The corresponding rates for the previous day (December 13, 2002) were Rs.48.1800 and Rs.49.0400 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 13, 2002	76.0088	39.27
December 16, 2002	76.5864	39.9200

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 : 2002-2003/625