Table 202 : Indices of Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) of the Indian Rupee

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Table 202 : Indices of Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) of the Indian Rupee

(Base : 1985 = 100)
Year / Month	Export-based weights		Trade-based weights		Year / Month	Export-based weights		Trade-based weights
	REER	NEER	REER	NEER		REER	NEER	REER	NEER
1	2	3	4	5	1	2	3	4	5
	Based on Official rate				1993
					Jan	57.16	44.12	59.25	45.18
1990					Feb	54.76	42.16	56.89	43.24
Jan	75.84	71.36	77.60	72.29
					Mar	56.98	43.85	59.15	44.94
Feb	75.66	70.91	77.44	71.83
					Apr	55.81	42.86	57.95	43.93
Mar	77.02	71.71	78.70	72.52
					May	55.92	42.78	58.14	43.89
Apr	77.29	71.40	79.01	72.17	Jun	56.60	42.88	58.99	44.09
May	76.67	70.45	78.48	71.27	Jul	57.87	43.52	60.34	44.77
Jun	76.79	70.18	78.90	71.04	Aug	58.42	43.32	61.02	44.63
Jul	76.22	69.07	78.41	69.97	Sep	58.79	42.94	61.33	44.18
Aug	74.70	67.98	76.83	68.83	Oct	60.25	43.30	62.84	44.54
Sep	71.87	65.59	74.06	66.53	Nov	60.76	43.83	63.37	45.06
Oct	70.15	63.71	72.46	64.78	Dec	61.02	44.05	63.53	45.20
Nov	70.22	63.38	72.67	64.54		Based on FEDAI rate
Dec	71.99	64.14	74.48	65.31	1994
					Jan	61.49	44.45	64.05	45.67
1991					Feb	61.31	44.08	63.98	45.36
					Mar	60.89	43.74	63.55	44.99
Jan	71.93	63.91	74.43	65.12
					Apr	63.34	43.67	66.17	44.97
Feb	70.05	61.62	72.56	62.79
					May	63.22	43.33	65.96	44.57
Mar	72.04	62.86	74.69	64.08
					Jun	63.60	42.99	66.31	44.20
Apr	71.50	62.29	74.31	63.63
					Jul	63.04	42.26	65.72	43.45
May	69.49	60.61	72.23	61.89
					Aug	63.28	42.33	65.95	43.48
Jun	68.33	60.42	70.99	61.73
					Sep	62.85	42.05	65.53	43.19
Jul	58.17	49.80	60.56	50.91
					Oct	62.62	41.65	65.30	42.78
Aug	60.14	49.04	62.54	50.10
					Nov	62.96	41.79	65.69	42.92
Sep	59.30	48.24	61.73	49.32	Dec	64.25	42.27	67.07	43.41
Oct	59.28	48.45	61.70	49.51
Nov	58.27	47.77	60.55	48.74	1995
					Jan	64.37	42.01	67.19	43.15
Dec	56.12	45.93	59.32	47.64
					Feb	64.14	41.78	66.96	42.91
					Mar	64.84	40.31	64.60	41.44
1992
					Apr	62.17	39.84	65.00	40.98
Jan	57.10	46.32	60.39	48.07
					May	62.98	40.17	65.88	41.30
Feb	58.08	46.66	61.83	48.66
					Jun	62.99	40.07	65.91	41.20
Mar	60.59	47.96	64.24	49.89
					Jul	63.78	40.21	66.63	41.28
Apr	60.68	48.18	64.46	50.09
					Aug	64.53	40.86	67.35	41.91
May	60.59	47.83	64.43	49.77
					Sep	62.05	39.36	64.72	40.33
Jun	59.72	46.87	63.67	48.87	Oct	59.41	37.59	61.92	38.49
Jul	59.97	46.09	63.82	48.04	Nov	59.36	37.52	61.89	38.41
Aug	59.90	45.92	63.80	47.86	Dec	59.06	37.52	61.62	38.44
Sep	60.48	46.12	64.46	48.15
					1996
Oct	62.10	47.18	66.30	49.32
					Jan	58.10	37.05	60.58	37.93
Nov	63.80	48.82	68.29	51.17
					Feb	56.70	36.19	59.12	37.06
Dec	63.42	48.44	67.96	50.83
					Mar	60.17	38.52	62.75	39.44
					Apr	61.47	39.02	64.09	39.94
1993					May	60.59	38.28	63.25	39.21
Jan	63.82	49.05	68.47	51.52
					Jun	60.91	38.33	63.57	39.24
Feb	64.69	49.54	69.51	52.13
					Jul	60.66	37.64	63.29	38.52
	Based on FEDAI rate				Aug	60.35	37.28	62.97	38.15
1992					Sep	60.62	37.45	63.27	38.32
Mar	53.30	42.16	56.53	43.87	Oct	60.86	37.76	63.52	38.63
Apr	50.86	40.34	54.05	41.95	Nov	60.27	37.38	62.90	38.23
May	51.76	40.82	55.06	42.48	Dec	60.78	37.61	63.45	38.48
Jun	51.19	40.14	54.60	41.86
					1997
Jul	52.50	41.02	55.74	42.43	Jan	61.37	38.15	64.05	39.03
Aug	53.30	41.80	56.00	42.51	Feb	62.74	38.96	65.50	39.85
Sep	54.00	42.05	56.72	42.80	Mar	63.02	39.18	65.84	40.09
Oct	55.60	43.07	58.37	43.90	Apr	64.25	39.43	67.17	40.34
Nov	57.80	44.52	60.04	45.50	May	63.50	39.03	66.47	39.99
Dec	57.15	43.75	59.10	44.75	Jun	63.60	38.90	66.68	39.92
(Continued)

TABLE 202 : INDICES OF REAL EFFECTIVE EXCHANGE RATE (REER) AND
NOMINAL EFFECTIVE EXCHANGE RATE (NEER) OF THE INDIAN RUPEE
(36-country bilateral weights)
(Monthly average) (Concld.)
Year / Month	Export-based weights		Trade-based weights		Year / Month		Export-based weights		Trade-based weights
	REER	NEER	REER	NEER			REER	NEER	REER	NEER
1	2	3	4	5	1		2	3	4	5
Jul	64.45	39.43	67.66	40.51	Jul		65.01	34.92	69.11	36.14
Aug	65.40	40.02	68.68	41.13	Aug		63.89	34.19	67.91	35.38
Sep	64.92	39.53	68.22	40.63	Sep		62.77	33.66	66.74	34.83
Oct	65.25	39.66	68.64	40.79	Oct		63.21	33.65	67.19	34.81
Nov	63.51	38.74	66.81	39.85	Nov		63.67	33.88	67.67	35.04
Dec	61.86	37.68	65.22	38.82	Dec		64.16	34.20	68.08	35.31
1998
					2002
Jan	63.27	38.39	66.87	39.60
					Jan		63.76	34.24	67.58	35.32
Feb	62.91	38.41	66.38	39.55
					Feb		63.39	34.17	67.20	35.25
Mar	62.15	37.90	65.51	38.97
					Mar		68.88	37.12	73.83	38.89
Apr	62.83	37.72	66.19	38.79
					Apr		69.05	36.81	74.10	38.55
May	62.39	37.25	65.68	38.25
					May		67.84	36.09	72.77	37.79
Jun	61.08	36.13	64.29	37.07
					Jun		67.47	35.50	72.39	37.16
Jul	61.20	35.96	64.49	36.92
					Jul		66.67	34.87	71.56	36.52
Aug	60.99	35.94	64.32	36.92
					Aug		67.95	35.30	72.96	36.98
Sep	59.67	35.09	62.92	36.06
					Sep		68.28	35.36	73.21	37.04
Oct	58.61	34.12	61.89	35.14
					Oct		68.65	35.61	73.55	37.27
Nov	59.21	34.28	62.51	35.32
					Nov		68.58	35.49	73.45	37.14
Dec	58.50	33.93	61.80	34.96
					Dec		67.80	35.22	72.56	36.84
1999
					2003
Jan	57.91	33.97	61.23	35.02
					Jan		66.84	34.74	71.48	36.31
Feb	59.18	34.50	62.56	35.56
					Feb		67.50	34.91	72.06	36.42
Mar	59.96	34.98	63.40	36.07
					Mar		68.39	35.02	73.00	36.53
Apr	59.81	34.88	63.25	35.95
					Apr		69.53	35.25	74.14	36.72
May	60.06	34.96	63.45	36.01
					May		68.29	34.52	72.67	35.88
Jun	60.04	34.81	63.51	35.89
					Jun		68.70	34.69	73.07	36.03
Jul	60.12	34.80	63.64	35.92
					Jul		70.07	35.44	74.55	36.83
Aug	59.23	34.07	62.73	35.18
					Aug		71.10	35.98	75.71	37.42
Sep	59.06	33.84	62.59	34.99
					Sep		71.12	35.65	75.75	37.09
Oct	59.01	33.51	62.58	34.66
					Oct		70.43	35.22	75.04	36.65
Nov	59.69	33.91	63.40	35.12
					Nov		70.17	34.94	74.72	36.34
Dec	59.19	33.91	62.91	35.16
					Dec		68.74	34.25	73.11	35.58
2000
					2004
Jan	59.09	33.91	62.74	35.13
Feb	59.94	34.45	63.66	35.67
					Jan		68.58	33.89	72.88	35.18
Mar	61.18	34.56	65.07	35.83
					Feb		68.97	33.97	73.32	35.26
Apr	62.23	34.69	66.29	36.01
					Mar		70.23	34.68	74.72	36.03
May	63.07	35.18	67.21	36.53
					Apr		72.48	35.58	77.14	36.98
Jun	61.34	34.15	65.30	35.40
					May		71.06	34.65	75.49	35.94
Jul	61.68	34.31	65.65	35.57
Aug	61.15	33.95	65.15	35.23	June	P	72.03	34.54	76.62	35.87
					July	P	71.32	33.94	75.80	35.22
Sep	61.98	34.24	66.08	35.56
					Aug	P	71.85	33.87	76.34	35.14
Oct	63.26	34.27	67.53	35.64
					Sep	P	72.74	34.09	77.28	35.37
Nov	63.09	34.11	67.30	35.46
					Oct	P	72.19	33.94	76.61	35.17
Dec	62.52	33.73	66.57	34.97
					Nov	P	72.20	33.72	76.56	34.91
					Dec	P	73.05	34.38	77.48	35.60
2001
Jan	62.60	33.79	66.51	34.95	2005
Feb	62.89	34.05	66.89	35.23	Jan	P	73.42	34.59	77.92	35.85
Mar	63.81	34.46	67.86	35.66	Feb	P	73.72	34.69	78.18	35.93
Apr	64.36	34.71	68.39	35.91	Mar	P	73.56	34.49	77.95	35.69
May	64.33	34.74	68.37	35.94	Apr	P	75.19	34.87	79.68	36.09
Jun	64.95	35.02	69.06	36.24	May	P	76.43	35.34	81.07	36.60
P : Provisional. Note : 1. The indices of REER are recalculated from April 1994 onwards using the new Wholesale Price Index (WPI) series (Base:1993-94 = 100). 2. The REER and NEER indices are estimated using the common price index and the exchange rate for the Euro, thus representing 31 countries and the Euro area w.e.f. 01.03.2002. 3. Under the Liberalised Exchange Rate Management System (LERMS), a dual exchange rate structure characterised by the co-existence of the official exchange rate and the market (FEDAI) rate remained in operation from March 1, 1992 to February 28, 1993.