(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
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          1                 2           3           4           5           6           7           8           9          10
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Sep. 1,1997           36.3700     36.3575     36.3675     58.5725     58.6050     20.0425     20.0550     30.1100     30.1425

Sep. 2,1997           36.4700     36.4700     36.4800     58.5350     58.5675     20.0025     20.0150     29.9800     30.0125

Sep. 3,1997           36.5000     36.4900     36.5100     58.0550     58.1250     19.9025     19.9250     30.1200     30.1475

Sep. 4,1997           36.5400     36.5250     36.5450     57.7100     57.7600     20.0800     20.1025     30.1300     30.1600

Sep. 5,1997           36.5600     36.5550     36.5650     57.9400     57.9950     20.1300     20.1475     30.2075     30.2425

Sep. 8,1997           36.6700     36.6750     36.6950     58.3275     58.3975     20.3925     20.4100     30.3125     30.3550

Sep. 9,1997           36.6500     36.6300     36.6500     58.1000     58.1700     20.2625     20.2850     30.8050     30.8350

Sep.10,1997           36.4500     36.4400     36.4600     57.8950     57.9650     20.0950     20.1125     30.5100     30.5325

Sep.11,1997           36.5600     36.5500     36.5700     58.1150     58.1825     20.3850     20.4075     30.7025     30.7300

Sep.12,1997           36.5400     36.5350     36.5450     58.3650     58.4175     20.4875     20.5050     30.2675     30.2875

Sep.15,1997           36.4600     36.4500     36.4600     58.5450     58.5975     20.5400     20.5575     30.1750     30.2075

Sep.16,1997           36.4900     36.4900     36.5000     58.4325     58.4650     20.6475     20.6600     30.1600     30.1800

Sep.17,1997           36.4600     36.4550     36.4650     58.1750     58.2300     20.6125     20.6250     30.1650     30.1875

Sep.18,1997           36.3700     36.3650     36.3750     58.1300     58.1825     20.5275     20.5400     30.0700     30.0975

Sep.19,1997           36.4000     36.3950     36.4050     58.4675     58.5025     20.4250     20.4375     29.8925     29.9125

Sep.22,1997           36.3400     36.3300     36.3400     58.4175     58.4700     20.4400     20.4500     29.6575     29.6775

Sep.23,1997           36.3300     36.3300     36.3400     58.3375     58.3900     20.2975     20.3100     29.8450     29.8775

Sep.24,1997           36.2900     36.2800     36.2900     58.5475     58.6000     20.3200     20.3300     30.1700     30.2050

Sep.25,1997           36.2300     36.2300     36.2400     58.4200     58.4775     20.4550     20.4675     30.0050     30.0250

Sep.26,1997           36.2200     36.2100     36.2200     58.5725     58.6250     20.5650     20.5825     29.8750     29.9100

Sep.29,1997           36.1800     36.1700     36.1800     58.3050     58.3575     20.5125     20.5250     29.8175     29.8400

Sep.30,1997@          36.1800
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FEDAI : Foreign Exchange Dealers' Association of India.                                    Source: FEDAI for FEDAI rates.
@     : Half-yearly closing of banks.