(Rupees per Unit of Foreign Currency)
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                                                      FEDAI Indicative Rates
                                  --------------------------------------------------------------------------------------------
       Date        RBI Re-US$         U.S.Dollar            Pound Sterling            Deutsche Mark           One Hundred
                    Reference                                                                                 Japanese Yen
                         Rate      ------------------      ------------------      ------------------      ----------------
                                   Buying     Selling      Buying     Selling      Buying     Selling      Buying     Selling
------------------------------------------------------------------------------------------------------------------------------
          1                 2           3           4           5           6           7           8           9          10
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May  1,1997+          35.7800

May  2,1997           35.7500     35.7500     35.7600     57.6050     57.6550     20.7325     20.7425     28.1950     28.2125

May  5,1997           35.7800     35.7900     35.8000     58.0150     58.0500     20.7125     20.7275     28.2700     28.2900

May  6,1997           35.8400     35.8300     35.8400     58.0800     58.1175     20.7375     20.7500     28.4550     28.4750

May  7,1997           35.8800     35.8800     35.8900     58.6700     58.7225     20.8075     20.8200     28.5800     28.5950

May  8,1997+          35.8800

May  9,1997           35.8700     35.8600     35.8700     58.2650     58.3175     21.0300     21.0425     29.1525     29.1850

May 12,1997           35.8300     35.8200     35.8300     58.0200     58.0800     21.2525     21.2700     30.0375     30.0575

May 13,1997           35.8600     35.8500     35.8600     58.1475     58.2000     21.0625     21.0750     30.0250     30.0575

May 14,1997           35.8300     35.8250     35.8350     58.4450     58.4975     21.0575     21.0675     30.1225     30.1575

May 15,1997           35.8200     35.8150     35.8250     58.8250     58.8600     21.1400     21.1525     30.8525     31.1525

May 16,1997           35.8400     35.8250     35.8350     58.7575     58.8125     21.0500     21.0600     30.6775     30.7125

May 19,1997           35.8000     35.7900     35.8000     58.6450     58.6975     21.1650     21.1850     30.8225     30.8550

May 20,1997           35.8000     35.7900     35.8000     58.8325     58.8850     21.0925     21.1050     31.6525     31.6750

May 21,1997           35.7900     35.7800     35.7900     59.1375     59.1900     21.2600     21.2700     31.5250     31.5600

May 22,1997+          35.7900

May 23,1997           35.7800     35.7750     35.7850     58.1700     58.2225     21.1425     21.1550     30.8950     30.9150

May 26,1997           35.7800     35.7650     35.7750     58.6375     58.6700     21.2350     21.2525     30.8375     30.8600

May 27,1997           35.8200     35.8150     35.8250     58.6650     58.7175     21.1600     21.1725     30.7825     30.8175

May 28,1997           35.8300     35.8250     35.8350     58.4225     58.4750     21.0075     21.0250     30.8050     30.8400

May 29,1997           35.8100     35.8050     35.8150     58.5400     58.5925     21.0075     21.0275     30.7725     30.8075

May 30,1997           35.7900     35.7900     35.8000     58.5950     58.6475     21.0225     21.0350     30.7000     30.7225
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FEDAI : Foreign Exchange Dealers' Association of India.
Source: FEDAI for FEDAI rates.
    + : Market(Mumbai) closed.