May 7, 2003

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.47.2700 and the Reference Rate for Euro is Rs.53.9200 on May 7, 2003. The corresponding rates for the previous day (May 6, 2003) were Rs.47.3100 and Rs.53.4100 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
May 6, 2003	76.0059	39.90
May 7, 2003	76.2607	40.1500

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 : 2002-2003/1135