G.5(405)                                                        August 29, 2003



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN AUGUST 2003 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       2003         2003         2003         2002
   COUNTRY           UNIT        August        July         June        August

 *AUSTRALIA        DOLLAR          0.6518       0.6607       0.6652       0.5413
  BRAZIL           REAL            3.0053       2.8833       2.8887       3.1082
  CANADA           DOLLAR          1.3963       1.3821       1.3525       1.5694
  CHINA, P.R.      YUAN            8.2770       8.2773       8.2771       8.2767
  DENMARK          KRONE           6.6653       6.5425       6.3620       7.5948
 *EMU MEMBERS      EURO            1.1155       1.1365       1.1674       0.9781
  HONG KONG        DOLLAR          7.7990       7.7990       7.7988       7.8008
  INDIA            RUPEE          45.96        46.22        46.70        48.62
  JAPAN            YEN           118.66       118.70       118.33       118.99
  MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
  MEXICO           PESO           10.783       10.458       10.503        9.839
 *NEW ZEALAND      DOLLAR          0.5829       0.5864       0.5815       0.4635
  NORWAY           KRONE           7.4096       7.2924       7.0093       7.6042
  SINGAPORE        DOLLAR          1.7533       1.7551       1.7351       1.7553
  SOUTH AFRICA     RAND            7.3945       7.5458       7.8588      10.5878
  SOUTH KOREA      WON          1178.60      1181.16      1194.14      1197.51
  SRI LANKA        RUPEE          96.975       97.153       97.236       96.280
  SWEDEN           KRONA           8.2821       8.0929       7.8116       9.4610
  SWITZERLAND      FRANC           1.3811       1.3611       1.3196       1.4972
  TAIWAN           DOLLAR         34.318       34.396       34.633       33.884
  THAILAND         BAHT           41.656       41.808       41.675       42.193
 *UNITED KINGDOM   POUND           1.5939       1.6221       1.6609       1.5368
  VENEZUELA        BOLIVAR      1600.00      1600.00      1600.00      1379.73

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     120.43       119.11       117.93       125.65
2)MAJOR CURRENCY   MAR73=100      91.48        90.42        88.68       100.15
3)OITP             JAN97=100     144.32       142.84       143.07       142.07


 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 January 30, 2003, 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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