March 31,2004

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.43.3900 and the Reference Rate for Euro is Rs.53.1000 on March 31,2004. The corresponding rates for the previous day (March 29,2004) were Rs.44.1200 and Rs.53.2300 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
March 29,2004	79.7954	41.80
March 31,2004	79.6011	41.65

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.

N.S.D. Lobo
Asst. Manager

Press Release : 2003-2004/1159