G.

5(405)

July 29, 2005

FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 2005 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 2005 July 0.7524 2.3702 1.2229 8.2264 6.1943 1.2041 7.7751 43.43 111.95 3.7872 10.672 0.6789 6.5783 1.6815 6.6966 1036.56 100.283 7.8263 1.2945 31.886 41.700 1.7507 2144.60 2005 June 0.7667 2.4148 1.2402 8.2765 6.1247 1.2155 7.7755 43.52 108.75 3.8000 10.820 0.7083 6.4936 1.6723 6.7396 1012.46 99.945 7.6229 1.2665 31.347 40.917 1.8177 2144.60 2005 May 0.7663 2.4554 1.2555 8.2765 5.8628 1.2697 7.7914 43.41 106.60 3.8000 10.976 0.7191 6.3656 1.6507 6.3267 1001.84 99.791 7.2382 1.2172 31.265 39.800 1.8559 2144.60 2004 July 0.7161 3.0384 1.3225 8.2767 6.0631 1.2266 7.8000 46.06 109.49 3.8000 11.468 0.6467 6.9126 1.7121 6.1350 1158.70 102.998 7.5027 1.2452 33.806 40.982 1.8438 1920.00

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

112.18 85.79 138.65

111.62 84.95 138.74

110.44 83.34 138.70

114.81 86.40 144.69

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 (OITP) 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 February 28, 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 Reuters Limited. * 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