G.

5A(405) January 2, 2004

THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2003 TOGETHER WITH COMPARABLE FIGURES FOR OTHER YEARS. 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

COUNTRY 2000 0.5815 1.8301 1.4855 8.2784 8.0953 0.9232 7.7924 45.00 107.80 3.8000 9.459 0.4568 8.8131 1.7250 *AUSTRALIA BRAZIL CANADA CHINA,P.R. DENMARK *EMU MEMBERS HONG KONG INDIA JAPAN MALAYSIA MEXICO *NEW ZEALAND NORWAY SINGAPORE SOUTH AFRICA

2003 0.6524 3.0750 1.4008 8.2772 6.5774 1.1321 7.7875 46.59 115.94 3.8000 10.793 0.5822 7.0803 1.7429 7.5550

2002 0.5437 2.9213 1.5704 8.2771 7.8862 0.9454 7.7996 48.63 125.22 3.8000 9.663 0.4645 7.9839 1.7908 10.5176

2001 0.5169 2.3527 1.5487 8.2770 8.3323 0.8952 7.7997 47.22 121.57 3.8000 9.337 0.4202 8.9964 1.7930 8.6093

6.9468 1130.90 76.964 9.1735 1.6904 31.260 40.210 1.5156 680.52 SOUTH KOREA SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND *UNITED KINGDOM VENEZUELA MEMO: UNITED STATES 1)BROAD 119.45 101.58 129.84 This release is available online at http://www.federalreserve.gov/release/. 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/) and "Index of the Weighted-Average Exchange Value of the U.S. Dollar: Revision," Federal Reserve Bulletin, vol. 64 (August 1978), p. 700. Weights for 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 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 2)MAJOR CURRENCY 3)OITP WON RUPEE KRONA FRANC DOLLAR BAHT POUND BOLIVAR 1192.08 96.541 8.0787 1.3450 34.405 41.556 1.6347 1613.43 1250.31 95.773 9.7233 1.5567 34.536 43.019 1.5025 1161.19 1292.01 89.602 10.3425 1.6891 33.824 44.532 1.4396 724.10

DOLLAR JAN97=100 MAR73=100 JAN97=100

119.09 93.00 143.54

126.66 105.99 140.36

125.93 107.67 135.91

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. As of the January 3, 2000 release, the euro is reported in place of the individual euro-area currencies. These currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) given below: 1 EUR = = = = = = = = = = = 13.7603 40.3399 5.94573 6.55957 1.95583 .787564 1936.27 40.3399 2.20371 200.482 166.386 AUSTRIAN SCHILLINGS BELGIAN FRANCS FINNISH MARKKAS FRENCH FRANCS GERMAN MARKS IRISH POUNDS ITALIAN LIRE LUXEMBOURG FRANCS NETHERLANDS GUILDERS PORTUGUESE ESCUDOS SPANISH PESETAS