Following currency fluctuations took place in foreign exchange rates during the last month. (January 3 to 31, 2005)

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                                         T T & O D SELLING
                           AUTHORIZED DEALERS RATES PER ONE UNIT OF CURRENCY
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                                                                           + Appreciation - Depreciation
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          31.12.2004                         LAST MONTH RATES
          Previous
          Month    3.1.2005   31 1.2005                                    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
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US        59.65     59.60     59.48     59.35   27/1/2005      59.78   06/1/2005    -   0.170000   -0.29
UK      114.840   113.600   112.100   110.820   18/1/2005    113.770   04/1/2005    -   2.740000   -2.39
Japan  0.581200  0.580000  0.574000  0.569500   08/1/2005   0.583600   15/1/2005    -   0.007200   -1.24
Euro    81.1900   80.2100   77.4500   77.1600   26/1/2005    80.4400   04/1/2005    -   3.740000   -4.61
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                                         T T CLEAN BUYING
                           AUTHORIZED DEALERS RATES PER ONE UNIT OF CURRENCY
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          31.12.2004                         LAST MONTH RATES
          Previous
          Month    3.1.2005   31 1.2005                                    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
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US        59.45     59.40     59.28     59.15    27/1/2005     59.58   06/1/2005    -    0.170000  -0.29
UK      114.460   113.220   111.730   110.450    18/1/2005   113.390   04/1/2005    -    2.730000  -2.39
Japan  0.579300  0.578000  0.572100  0.567600    08/1/2005  0.581600   15/1/2005    -    0.007200  -1.24
Euro    80.9200   79.9400   77.1900   76.9000    26/1/2005   80.1700   04/1/2005    -    3.730000  -4.61
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