Research and Publications

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Sep. 6, 2004 332 112 40 36 86 45 524 1,113 69 375 92 25 Sep. 7, 2004 469 181 24 40 61 92 734 1,258 132 611 183 9 Sep. 8, 2004 546 262 28 22 76 81 836 1,794 121 673 158 9 Sep. 9, 2004 600 142 51 22 123 91 871 1,579 81 752 204 28 Sep. 10,

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Aug. 30, 2004 753 172 86 19 52 62 733 1,331 88 654 267 16 Aug. 31, 2004 807 300 215 15 74 92 1,018 1,246 70 666 294 6 Sep. 1, 2004 383 129 50 5 108 63 813 1,618 64 724 168 15 Sep. 2, 2004 505 131 32 13 42 63 704 1,123 86 501 218 17 Sep.

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Aug. 23, 2004 812 228 210 25 57 47 1,137 998 53 428 154 3 Aug. 24, 2004 177 37 44 29 118 45 337 242 42 505 147 5 Aug. 25, 2004 718 296 158 53 62 81 1,089 1,724 71 644 202 6 Aug. 26, 2004 579 192 154 28 38 48 738 1,276 58 535 164 39 Aug.

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Aug. 16, 2004 657 153 58 24 87 88 1,160 999 86 719 170 7 Aug. 17, 2004 509 156 74 15 73 64 943 982 36 631 117 5 Aug. 18, 2004 513 119 59 18 39 39 1,214 662 35 470 115 18 Aug. 19, 2004 450 227 63 25 72 147 955 1,131 139 492 193 5 Aug. 20,

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Aug. 9, 2004 575 136 55 69 176 81 757 769 144 567 248 68 Aug. 10, 2004 468 240 138 9 21 31 1,359 1,398 130 468 122 2 Aug. 11, 2004 474 217 137 27 71 125 1,348 1,601 144 589 168 4 Aug. 12, 2004 529 259 130 14 25 29 1,381 1,273 218 484 179

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Aug. 2, 2004 449 193 54 21 56 68 807 1,210 75 746 141 1 Aug. 3, 2004 528 230 67 10 73 32 996 1,077 88 679 202 5 Aug. 4, 2004 431 147 78 25 51 47 821 790 62 560 134 7 Aug. 5, 2004 462 147 111 14 63 49 1,120 1,079 70 603 160 6 Aug. 6, 2004

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Jul. 26, 2004 451 163 163 23 33 61 1,982 1,090 133 577 186 4 Jul. 27, 2004 496 280 114 7 31 39 1,143 1,067 127 550 139 3 Jul. 28, 2004 498 268 139 45 116 62 1,311 984 80 744 559 18 Jul. 29, 2004 590 201 268 20 36 60 1,508 1,195 96 712 25

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Jul. 19, 2004 652 245 115 36 106 75 997 1,371 130 732 258 6 Jul. 20, 2004 510 235 174 19 61 55 1,346 1,466 108 781 213 5 Jul. 21, 2004 438 184 120 28 70 69 931 1,199 55 804 228 7 Jul. 22, 2004 514 325 212 15 49 54 1,560 1,298 128 759 200

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Jul. 12, 2004 594 225 46 22 100 61 1,095 994 63 714 241 5 Jul. 13, 2004 521 233 110 15 98 63 1,113 1,220 35 919 254 1 Jul. 14, 2004 475 316 179 35 75 93 1,475 1,415 204 715 322 3 Jul. 15, 2004 614 399 176 21 34 53 1,724 1,962 124 847 233

(US$ Million) Merchant Inter-bank FCY / INR FCY / FCY FCY / INR FCY / FCY Spot Forward Forward Spot Forward Forward Spot Swap Forward Spot Swap Forward Cancel- Cancel- PositionDate lation lation 1 2 3 4 5 6 7 8 9 10 11 12 13 Purchases Jul. 5, 2004 367 298 148 55 96 46 1201 1629 70 494 140 45 Jul. 6, 2004 475 378 129 33 51 32 1462 2457 105 630 328 6 Jul. 7, 2004 652 206 46 44 76 56 1273 1869 99 792 244 6 Jul. 8, 2004 472 226 90 25 42 32 1285 1578 121 768 214 11 Jul. 9,