G.5(405) June 30, 2004 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JUNE 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 2004 2004 2003 COUNTRY UNIT June May April June *AUSTRALIA DOLLAR 0.6937 0.7039 0.7443 0.6652 BRAZIL REAL 3.1293 3.1023 2.9079 2.8887 CANADA DOLLAR 1.3578 1.3789 1.3420 1.3525 CHINA, P.R. YUAN 8.2767 8.2771 8.2769 8.2771 DENMARK KRONE 6.1220 6.2021 6.2104 6.3620 *EMU MEMBERS EURO 1.2146 1.2000 1.1989 1.1674 HONG KONG DOLLAR 7.7980 7.7971 7.7970 7.7988 INDIA RUPEE 45.50 45.18 43.89 46.70 JAPAN YEN 109.43 112.20 107.66 118.33 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8000 MEXICO PESO 11.393 11.520 11.270 10.503 *NEW ZEALAND DOLLAR 0.6284 0.6151 0.6415 0.5815 NORWAY KRONE 6.8279 6.8428 6.9263 7.0093 SINGAPORE DOLLAR 1.7136 1.7124 1.6849 1.7351 SOUTH AFRICA RAND 6.4216 6.7996 6.5747 7.8588 SOUTH KOREA WON 1159.02 1177.88 1152.86 1194.14 SRI LANKA RUPEE 100.930 98.929 98.132 97.236 SWEDEN KRONA 7.5323 7.6097 7.6496 7.8116 SWITZERLAND FRANC 1.2503 1.2839 1.2969 1.3196 TAIWAN DOLLAR 33.568 33.444 32.970 34.633 THAILAND BAHT 40.827 40.560 39.453 41.675 *UNITED KINGDOM POUND 1.8279 1.7860 1.8031 1.6609 VENEZUELA BOLIVAR 1920.00 1919.76 1920.00 1600.00 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 115.91 117.08 115.12 117.36 2)MAJOR CURRENCY MAR73=100 87.57 89.03 87.44 91.15 3)OITP JAN97=100 145.52 145.84 143.58 142.41 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 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