G.5(405) January 30, 2004 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JANUARY 2004 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 2004 2003 2003 2003 COUNTRY UNIT January December November January *AUSTRALIA DOLLAR 0.7717 0.7391 0.7158 0.5829 BRAZIL REAL 2.8533 2.9255 2.9150 3.4375 CANADA DOLLAR 1.2958 1.3128 1.3130 1.5414 CHINA, P.R. YUAN 8.2770 8.2770 8.2769 8.2775 DENMARK KRONE 5.8952 6.0537 6.3526 6.9980 *EMU MEMBERS EURO 1.2638 1.2298 1.1710 1.0622 HONG KONG DOLLAR 7.7663 7.7645 7.7637 7.7994 INDIA RUPEE 45.46 45.57 45.55 47.96 JAPAN YEN 106.27 107.74 109.18 118.81 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8000 MEXICO PESO 10.920 11.251 11.149 10.622 *NEW ZEALAND DOLLAR 0.6738 0.6471 0.6285 0.5398 NORWAY KRONE 6.8117 6.7128 7.0054 6.9138 SINGAPORE DOLLAR 1.6965 1.7107 1.7282 1.7363 SOUTH AFRICA RAND 6.9398 6.5374 6.7205 8.6949 SOUTH KOREA WON 1183.35 1192.34 1186.39 1176.45 SRI LANKA RUPEE 98.009 96.413 96.011 96.813 SWEDEN KRONA 7.2334 7.3395 7.6799 8.6368 SWITZERLAND FRANC 1.2391 1.2643 1.3318 1.3765 TAIWAN DOLLAR 33.669 34.056 34.036 34.571 THAILAND BAHT 39.124 39.745 39.935 42.773 *UNITED KINGDOM POUND 1.8255 1.7516 1.6897 1.6175 VENEZUELA BOLIVAR 1600.00 1599.86 1600.00 1714.45 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 112.54 114.51 116.07 123.64 2)MAJOR CURRENCY MAR73=100 84.43 86.27 88.51 98.78 3)OITP JAN97=100 142.54 144.27 144.10 144.92 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. The source for exchange rates not listed in the table above but used in the calculation of the broad and OITP indexes is Reuters Limited. * 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