At the time of the mid-term policy, the exchange rate of the rupee, over the end-March 2003 levels, had appreciated by 4.8 per cent vis-à-vis the US dollar but depreciated by 2.3 per cent against the Euro, 2.5 per cent against the Pound Sterling and 4.2 per cent against the Japanese Yen.
During November-December 2003, the US dollar has depreciated by 7.9 per cent against the Euro, 4.7 per cent against the Pound Sterling and 3.0 per cent against the Yen.