G.5(405) January 2, 2004 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN DECEMBER 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 December November October December *AUSTRALIA DOLLAR 0.7385 0.7158 0.6948 0.5624 BRAZIL REAL 2.9270 2.9150 2.8628 3.6268 CANADA DOLLAR 1.3137 1.3130 1.3221 1.5592 CHINA, P.R. YUAN 8.2770 8.2769 8.2768 8.2777 DENMARK KRONE 6.0603 6.3526 6.3449 7.2874 *EMU MEMBERS EURO 1.2284 1.1710 1.1714 1.0194 HONG KONG DOLLAR 7.7645 7.7637 7.7427 7.7988 INDIA RUPEE 45.58 45.55 45.40 48.15 JAPAN YEN 107.77 109.18 109.50 121.89 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8000 MEXICO PESO 11.252 11.149 11.180 10.225 *NEW ZEALAND DOLLAR 0.6467 0.6285 0.6020 0.5108 NORWAY KRONE 6.7151 7.0054 7.0331 7.1557 SINGAPORE DOLLAR 1.6875 1.7282 1.7345 1.7532 SOUTH AFRICA RAND 6.5297 6.7205 6.9644 8.9479 SOUTH KOREA WON 1192.35 1186.39 1169.34 1206.61 SRI LANKA RUPEE 96.395 96.011 94.560 96.705 SWEDEN KRONA 7.3464 7.6799 7.6957 8.9303 SWITZERLAND FRANC 1.2655 1.3318 1.3222 1.4388 TAIWAN DOLLAR 34.060 34.036 33.875 34.799 THAILAND BAHT 39.750 39.935 39.760 43.318 *UNITED KINGDOM POUND 1.7501 1.6897 1.6792 1.5863 VENEZUELA BOLIVAR 1599.86 1600.00 1600.00 1328.29 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 114.52 116.07 116.21 125.13 2)MAJOR CURRENCY MAR73=100 86.27 88.51 88.82 101.47 3)OITP JAN97=100 144.17 144.10 143.83 144.00 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 December 31, 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