Your rupee last month

Following currency fluctuations took place in foreign exchange rates during the last month (February 6 - 28, 2004).

========================================================================================================

                                         T T & O D SELLING

                           AUTHORIZED DEALERS RATES PER ONE UNIT OF CURRENCY

--------------------------------------------------------------------------------------------------------

                                                                           + Appreciation - Depreciation

========================================================================================================

          31.1.2004                      LAST MONTH RATES

          Previous

          Month    6.2.2004   28 2.2004                                    FLUCTUATIONS IN CLOSING RATES

          Closing   Opening    Closing     Highest                Lowest             Over Previous Month

          Rate                         Rate       Date        Rate         Date   +Up     Amount       %

          Rs        Rs        Rs        Rs                     Rs                -Down      Rs

--------------------------------------------------------------------------------------------------------

U.S       57.58     57.55     57.52     57.40   25/2/2004      57.62   10/2/2004  -     0.060000   -0.10

U.K     105.040   105.520   107.470   105.520   06/2/2004    109.720   18/2/2004  +     2.430000    2.31

Japan  0.545500  0.542500  0.527100  0.524600   27/2/2004   0.546400   12/2/2004  -     0.018400   -3.37

Euro    71.7800   72.2200   71.8500   71.5200   27/2/2004    73.9200   18/2/2004  +     0.070000    0.10

========================================================================================================

                                         T T CLEAN BUYING

                           AUTHORIZED DEALERS RATES PER ONE UNIT OF CURRENCY

========================================================================================================

          31.1.2004                      LAST MONTH RATES

          Previous

          Month   6.2.2004     28 2.2004                                   FLUCTUATIONS IN CLOSING RATES

          Closing  Opening      Closing    Highest               Lowest               ver Previous Month

          Rate                         Rate       Date       Rate         Date    +Up     Amount       %

          Rs        Rs        Rs        Rs                    Rs                  -Down     Rs

--------------------------------------------------------------------------------------------------------

U.S       57.38     57.35     57.32     57.23    21/2/2004     57.42   10/2/2004  -      0.060000  -0.10

U.K     104.680   105.150   107.090   105.150    06/2/2004   109.340   18/2/2004  +      2.410000   2.30

Japan  0.543600  0.540700  0.525200  0.523100    27/2/2004  0.544500   12/2/2004  -      0.018400  -3.38

Euro    71.5300   71.9700   71.6000   71.3100    27/2/2004   73.6800   18/2/2004  +      0.070000   0.10

========================================================================================================