G.5(405)                                                       October 31, 2002



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN OCTOBER 2002 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       2002         2002         2002         2001
   COUNTRY           UNIT        October     September     August       October

 *AUSTRALIA        DOLLAR          0.5502       0.5465       0.5413       0.5042
  BRAZIL           REAL            3.7966       3.3548       3.1082       2.7408
  CANADA           DOLLAR          1.5780       1.5761       1.5694       1.5717
  CHINA, P.R.      YUAN            8.2772       8.2760       8.2767       8.2768
  DENMARK          KRONE           7.5732       7.5752       7.5948       8.2186
 *EMU MEMBERS      EURO            0.9812       0.9806       0.9781       0.9050
  HONG KONG        DOLLAR          7.7995       7.7999       7.8008       7.7999
  INDIA            RUPEE          48.39        48.46        48.62        48.05
  JAPAN            YEN           123.91       121.08       118.99       121.45
  MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8001
  MEXICO           PESO           10.094       10.071        9.839        9.339
 *NEW ZEALAND      DOLLAR          0.4818       0.4702       0.4635       0.4139
  NORWAY           KRONE           7.4873       7.5018       7.6042       8.8329
  SINGAPORE        DOLLAR          1.7843       1.7682       1.7553       1.8113
  SOUTH AFRICA     RAND           10.3058      10.5967      10.5878       9.2804
  SOUTH KOREA      WON          1240.19      1211.61      1197.51      1302.36
  SRI LANKA        RUPEE          96.402       96.207       96.280       90.954
  SWEDEN           KRONA           9.2846       9.3400       9.4610      10.5661
  SWITZERLAND      FRANC           1.4932       1.4931       1.4972       1.6357
  TAIWAN           DOLLAR         34.947       34.573       33.884       34.583
  THAILAND         BAHT           43.640       42.893       42.193       44.750
 *UNITED KINGDOM   POUND           1.5575       1.5563       1.5368       1.4501
  VENEZUELA        BOLIVAR      1440.50      1458.39      1379.73       743.22

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     127.69       126.67       125.64       126.86
2)MAJOR CURRENCY   MAR73=100     101.24       100.68       100.35       104.37
3)OITP             JAN97=100     145.28       143.71       141.69       138.08


 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 February 1, 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.

 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  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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