H.10(512)                                                               December 20, 2002



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING DECEMBER 20, 2002

 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
   COUNTRY         UNIT       Dec. 16      Dec. 17      Dec. 18      Dec. 19      Dec. 20

 *AUSTRALIA      DOLLAR         0.5660       0.5660       0.5650       0.5650       0.5618
  BRAZIL         REAL           3.5980       3.5800       3.5325       3.4650       3.4390
  CANADA         DOLLAR         1.5627       1.5510       1.5538       1.5478       1.5525
  CHINA, P.R.    YUAN           8.2773       8.2776       8.2774       8.2800       8.2800
  DENMARK        KRONE          7.2750       7.2345       7.2460       7.2640       7.2335
 *EMU MEMBERS    EURO           1.0210       1.0267       1.0254       1.0217       1.0268
  HONG KONG      DOLLAR         7.7990       7.7986       7.7980       7.7980       7.7985
  INDIA          RUPEE         48.18        48.16        48.15        48.11        48.03
  JAPAN          YEN          121.28       121.27       121.12       120.86       120.52
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          10.195       10.208       10.240       10.192       10.195
 *NEW ZEALAND    DOLLAR         0.5135       0.5174       0.5143       0.5165       0.5150
  NORWAY         KRONE          7.1400       7.1175       7.1250       7.1270       7.0980
  SINGAPORE      DOLLAR         1.7490       1.7480       1.7457       1.7450       1.7442
  SOUTH AFRICA   RAND           8.7400       9.1100       8.9500       9.0000       8.9250
  SOUTH KOREA    WON         1203.40      1204.00      1202.00      1202.00      1205.00
  SRI LANKA      RUPEE         96.750       96.750       96.750       96.750       96.750
  SWEDEN         KRONA          8.9020       8.8695       8.8680       8.9160       8.8650
  SWITZERLAND    FRANC          1.4448       1.4323       1.4296       1.4310       1.4250
  TAIWAN         DOLLAR        34.750       34.740       34.800       34.840       34.800
  THAILAND       BAHT          43.190       43.100       43.060       43.000       43.100
 *UNITED KINGDOM POUND          1.5905       1.5963       1.6000       1.5986       1.6015
  VENEZUELA      BOLIVAR     1296.50      1275.00      1256.00      1275.00      1335.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    125.56       125.25       125.29       125.18       125.10
2)MAJOR CURRENCY MAR73=100     98.83        98.38        98.42        98.37        98.23
3)OITP           JAN97=100    144.12       144.14       144.14       143.95       144.01


 This release is available online at http://www.federalreserve.gov/releases/H10.

 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 dollar indexes took effect
 with the January 7, 2002, 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.

 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  AUSTRIAN SCHILLINGS
                =  40.3399  BELGIAN FRANCS
                =  5.94573  FINNISH MARKKAS
                =  6.55957  FRENCH FRANCS
                =  1.95583  GERMAN MARKS
                =  .787564  IRISH POUNDS
                =  1936.27  ITALIAN LIRE
                =  40.3399  LUXEMBOURG FRANCS
                =  2.20371  NETHERLANDS GUILDERS
                =  200.482  PORTUGUESE ESCUDOS
                =  166.386  SPANISH PESETAS
                =  340.750  GREEK DRACHMAS

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 please call publication services at Federal Reserve Board at (202) 452-3244.

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