G.

5(405)

January 2, 2004

FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN DECEMBER 2003 TOGETHER WITH COMPARABLE FIGURES FOR OTHER MONTHS. AVERAGES ARE BASED ON DAILY NOON BUYING RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY THE FEDERAL RESERVE BANK OF NEW YORK. (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 FRANC DOLLAR BAHT POUND BOLIVAR DOLLAR JAN97=100 MAR73=100 JAN97=100 2003 December 0.7385 2.9270 1.3137 8.2770 6.0603 1.2284 7.7645 45.58 107.77 3.8000 11.252 0.6467 6.7151 1.6875 6.5297 1192.35 96.395 7.3464 1.2655 34.060 39.750 1.7501 1599.86 2003 November 0.7158 2.9150 1.3130 8.2769 6.3526 1.1710 7.7637 45.55 109.18 3.8000 11.149 0.6285 7.0054 1.7282 6.7205 1186.39 96.011 7.6799 1.3318 34.036 39.935 1.6897 1600.00 2003 October 0.6948 2.8628 1.3221 8.2768 6.3449 1.1714 7.7427 45.40 109.50 3.8000 11.180 0.6020 7.0331 1.7345 6.9644 1169.34 94.560 7.6957 1.3222 33.875 39.760 1.6792 1600.00 2002 December 0.5624 3.6268 1.5592 8.2777 7.2874 1.0194 7.7988 48.15 121.89 3.8000 10.225 0.5108 7.1557 1.7532 8.9479 1206.61 96.705 8.9303 1.4388 34.799 43.318 1.5863 1328.29

COUNTRY *AUSTRALIA BRAZIL CANADA CHINA, P.R. DENMARK *EMU MEMBERS HONG KONG INDIA JAPAN MALAYSIA MEXICO *NEW ZEALAND NORWAY SINGAPORE SOUTH AFRICA SOUTH KOREA SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND *UNITED KINGDOM VENEZUELA MEMO: UNITED STATES 1)BROAD 2)MAJOR CURRENCY 3)OITP

114.52 86.27 144.17

116.07 88.51 144.10

116.21 88.82 143.83

125.13 101.47 144.00

This release is available online at http://www.federalreserve.gov/releases/G5. 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 (OITIP) index are derived from the broad index weights. The most recent annual revision to the trade weights and the dollar indexes took effect with the December 31, 2003, release of this report. * 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. For information about your subscription to this release or about receiving it in document form, please call publication services at Federal Reserve Board at (202) 452-3244. The euro is reported in place of the individual eure-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 5.94573 6.55957 1.95583 .787564 1936.27 40.3399 2.20371 200.482 166.386 340.750 AUSTRIAN SCHILLINGS BELGIAN FRANCS FINNISH MARKKAS FRENCH FRANCS GERMAN MARKS IRISH POUNDS ITALIAN LIRE LUXEMBOURG FRANCS NETHERLANDS GUILDERS PORTUGUESE ESCUDOS SPANISH PESETAS GREEK DRACHMAS