G.5(405)                                                        January 2, 2002



               DECEMBER 2001

               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN DECEMBER 2001 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       2001         2001         2001         2000
                  COUNTRY          UNIT       December     November      October     December

               *AUSTRALIA        DOLLAR          0.5138       0.5165       0.5042       0.5466
                BRAZIL           REAL            2.3635       2.5481       2.7408       1.9632
                CANADA           DOLLAR          1.5788       1.5922       1.5717       1.5219
                CHINA, P.R.      YUAN            8.2761       8.2769       8.2768       8.2771
                DENMARK          KRONE           8.3526       8.3832       8.2186       8.3059
               *EMU MEMBERS      EURO            0.8912       0.8883       0.9050       0.8983
                GREECE           DRACHMA         N.A.         N.A.         N.A.       379.58
                HONG KONG        DOLLAR          7.7989       7.7996       7.7999       7.7991
                INDIA            RUPEE          47.93        48.04        48.05        46.78
                JAPAN            YEN           127.59       122.41       121.45       112.21
                MALAYSIA         RINGGIT         3.8000       3.8000       3.8001       3.8000
                MEXICO           PESO            9.157        9.225        9.339        9.467
               *NEW ZEALAND      DOLLAR          0.4157       0.4158       0.4139       0.4297
                NORWAY           KRONE           8.9713       8.9296       8.8329       9.0616
                SINGAPORE        DOLLAR          1.8382       1.8295       1.8113       1.7361
                SOUTH AFRICA     RAND           11.6761       9.7388       9.2804       7.6439
                SOUTH KOREA      WON          1292.29      1282.10      1302.36      1216.94
                SRI LANKA        RUPEE          93.194       92.670       90.954       82.030
                SWEDEN           KRONA          10.5753      10.6117      10.5661       9.6604
                SWITZERLAND      FRANC           1.6566       1.6509       1.6357       1.6855
                TAIWAN           DOLLAR         34.682       34.498       34.583       33.123
                THAILAND         BAHT           43.952       44.411       44.750       43.246
               *UNITED KINGDOM   POUND           1.4413       1.4356       1.4501       1.4629
                VENEZUELA        BOLIVAR       753.64       745.10       743.22       698.85

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     127.91       127.72       127.20       123.28
              2)MAJOR CURRENCY   MAR73=100     106.19       105.55       104.27       101.26
              3)OITP             JAN97=100     136.78       137.36       138.21       133.61


               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 effec
               with the February 1, 2001, 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 
               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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