H.

10 DAILY UPDATE: WEB RELEASE ONLY release FOREIGN EXCHANGE RATES

For immediate July 1, 2005

The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified for customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies: (Rates in currency units per U.S. dollar except as noted) MONETARY UNIT DOLLAR REAL DOLLAR YUAN KRONE EURO DOLLAR RUPEE YEN RINGGIT PESO DOLLAR KRONE DOLLAR RAND WON RUPEE KRONA

COUNTRY Jul. 1 *AUSTRALIA 0.7516 BRAZIL 2.3480 CANADA 1.2418 CHINA, P.R. 8.2765 DENMARK 6.2333 *EMU MEMBERS 1.1957 HONG KONG 7.7718 INDIA 43.45 JAPAN 111.68 MALAYSIA 3.8000 MEXICO 10.737 *NEW ZEALAND 0.6837 NORWAY 6.6032 SINGAPORE 1.6914 SOUTH AFRICA 6.8200 SOUTH KOREA 1033.00 SRI LANKA 100.100 SWEDEN 7.9218

Jun. 27 0.7686 2.3812 1.2307 8.2765 6.1304 1.2152 7.7712 43.44 109.39 3.8000 10.809 0.7072 6.5382 1.6756 6.6295 1013.50 99.700 7.7291

Jun. 28 0.7644 2.3693 1.2310 8.2765 6.1685 1.2078 7.7711 43.46 109.89 3.8000 10.842 0.7013 6.5809 1.6822 6.6475 1023.50 99.780 7.7810

Jun. 29 0.7625 2.3493 1.2263 8.2765 6.1557 1.2101 7.7705 43.50 110.27 3.8000 10.756 0.6988 6.5327 1.6846 6.6750 1030.00 100.080 7.8114

Jun. 30 0.7618 2.3570 1.2256 8.2765 6.1599 1.2098 7.7719 43.51 110.91 3.8000 10.772 0.6959 6.5381 1.6868 6.6670 1034.50 100.120 7.8024

SWITZERLAND 1.2965 TAIWAN 31.640 THAILAND 41.380 *UNITED KINGDOM 1.7708 VENEZUELA 2144.60

FRANC DOLLAR BAHT POUND BOLIVAR

1.2694 31.320 41.100 1.8252 2144.60

1.2791 31.330 41.190 1.8157 2144.60

1.2786 31.630 41.290 1.8080 2144.60

1.2827 31.640 41.330 1.7930 2144.60

MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 112.65 2)MAJOR CURRENCY MAR73=100 86.28 3)OITP JAN97=100 138.97

111.54 84.86 138.72

111.88 85.20 139.00

111.83 85.14 138.96

112.00 85.31 139.09

For more information on exchange rate indexes for the U.S. dollar, see "New Summary Measures of the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-18 (http://www.federalreserve.gov/pubs/bulletin/). Weights for the broad index can be found at http://www.federalreserve.gov/releases/H10/Weights; weights for the major currencies index and the other important trading partners (OITP) index are derived from the broad index weights. The most recent annual revision of the currency weights and dollar indexes took effect with the February 3, 2005, release of this report. The source for exchange rates not listed in the table above but used in the calculation of the broad and OITP indexes is Bloomberg L.P. * U.S. dollars per currency unit. 1) A weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of major U.S. trading partners. 2) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that circulate widely outside the country of issue. 3) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that do not circulate widely outside the country of issue. The euro is reported in place of the individual euro-area currencies. These currency rates can be derived from the dollar/euro rate by using the fixed conversion rates (in currencies per euro) given below: 1 EURO = = 13.7603 40.3399 AUSTRIAN SCHILLINGS BELGIAN FRANCS

= = = = = = = = = =

5.94573 6.55957 1.95583 .787564 1936.27 40.3399 2.20371 200.482 166.386 340.750

FINNISH MARKKAS FRENCH FRANCS GERMAN MARKS IRISH POUNDS ITALIAN LIRE LUXEMBOURG FRANCS NETHERLANDS GUILDERS PORTUGUESE ESCUDOS SPANISH PESETAS GREEK DRACHMAS