The efficiency of selection depends on the magnitude of genetic variability present in the plant population. Parameters of genetic variability were estimated for 123 exotic germplasm of rice including two local checks. Most of the characters showed high values of genotypic and phenotypic coefficient of variation. Number of unfilled grains panicle^-1 recorded the highest phenotypic and genotypic coefficient of variation followed by panicle

index. Plant height and 1000 grain weight showed moderate values. High heritability with high genetic advance was observed for panicle weight plant^-1, number of tillers plant^-1, number of effective tillers plant^-1, number of grains panicle^-1, number of filled and unfilled grains panicle^-1, spikelet density, biological yield plant^-1, grain yield plant^-1 and harvest index which suggests that selection may be effective for these characters.