January 3,2005

The Reserve Bank of India’s Reference Rate for the US dollar is Rs.43.6100 and the Reference Rate for Euro is Rs.58.6600 on January 3,2005. The corresponding rates for the previous day (December 31,2004) were Rs.43.5800 and Rs.59.4000 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 31,2004	84.0876	42.49
January 3,2005	83.0705	42.32

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 : 2004-2005/701