(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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Apr.  1,1997                      35.8800     35.9000     58.8425     58.8950     21.4725     21.4900     29.0175     29.0450

Apr.  2,1997          35.8800     35.8750     35.8850     59.1325     59.1850     21.4700     21.4825     29.2625     29.2950

Apr.  3,1997          35.8700     35.8650     35.8750     58.9300     58.9825     21.3875     21.4000     29.1550     29.1750

Apr.  4,1997          35.8700     35.8650     35.8750     58.8375     58.8700     21.4375     21.4500     29.0175     29.0475

Apr.  7,1997          35.8700     35.8600     35.8700     58.5225     58.5750     21.2200     21.2300     28.7225     28.7525

Apr.  8,1997+         35.8700

Apr.  9,1997          35.8600     35.8500     35.8600     58.2500     58.3000     20.8925     20.9025     28.3075     28.3375

Apr. 10,1997          35.8400     35.8350     35.8450     58.0525     58.1050     20.7975     20.8150     28.3275     28.3575

Apr. 11,1997          35.8400     35.8350     35.8450     58.1600     58.2125     20.8625     20.8800     28.4575     28.4750

Apr. 14,1997+         35.8400

Apr. 15,1997          35.8300     35.8200     35.8300     58.1000     58.1550     20.7025     20.7175     28.3800     28.4100

Apr. 16,1997+         35.8300

Apr. 17,1997          35.8000     35.7950     35.8050     58.1175     58.1550     20.7400     20.7525     28.5200     28.5500

Apr. 18,1997+         35.8000

Apr. 21,1997          35.7700     35.7600     35.7700     58.5200     58.5725     20.9800     20.9900     28.5000     28.5325

Apr. 22,1997          35.7700     35.7650     35.7750     58.3800     58.4350     20.9950     21.0075     28.4025     28.4325

Apr. 23,1997          35.7700     35.7600     35.7700     58.3900     58.4400     20.8700     20.8825     28.3650     28.3950

Apr. 24,1997          35.7500     35.7450     35.7550     58.0675     58.1025     20.8050     20.8250     28.2900     28.3200

Apr. 25,1997          35.7500     35.7450     35.7550     58.0275     58.0700     20.8250     20.8350     28.4000     28.4200

Apr. 28,1997          35.7700     35.7650     35.7750     58.0475     58.0975     20.6400     20.6525     28.1900     28.2100

Apr. 29,1997          35.7700     35.7650     35.7750     58.0825     58.1350     20.6600     20.6775     28.2375     28.2675

Apr. 30,1997          35.7800     35.7700     35.7800     58.2775     58.3275     20.7475     20.7650     28.1825     28.2125
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FEDAI : Foreign Exchange Dealers' Association of India.
Source: FEDAI for FEDAI rates.
    + : Market i.e. Mumbai closed.