Field experiments were carried out to study the effect of moisture stress on peanut (Arachis Hypogaea L.) erect variety ‘SB XI’ in relation to amount of irrigation and IW/CPE ratio for consecutive two years of 1975 and 1976. IW/CPE denotes the ratio between a fixed amount of irrigation water (IW) and cumulative pan evaporation from US Weather Bureau Class A Open Pan less rainfall since previous irrigation (Pan E). Yield and 100 kernels weight were significantly influenced by both amount of irrigation and IW/CPE ratio. Maximum yield was obtained when irrigation was given with 6 cm water at 0.75 IW/CPE ratio.