December 28,2004

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.43.7800 and the Reference Rate for Euro is Rs.59.5300 on December 28,2004. The corresponding rates for the previous day (December 27,2004) were Rs.43.8400 and Rs.59.3600 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 27,2004	84.3832	42.24
December 28,2004	84.6311	42.45

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 : 2004-2005/672