G.5(405)                                                         March 31, 2005



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN MARCH 2005 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       2005         2005         2005         2004
   COUNTRY           UNIT         March      February      January       March

 *AUSTRALIA        DOLLAR          0.7848       0.7812       0.7668       0.7496
  BRAZIL           REAL            2.7061       2.5971       2.6895       2.9067
  CANADA           DOLLAR          1.2160       1.2401       1.2248       1.3286
  CHINA, P.R.      YUAN            8.2765       8.2765       8.2765       8.2771
  DENMARK          KRONE           5.6488       5.7195       5.6699       6.0757
 *EMU MEMBERS      EURO            1.3185       1.3013       1.3123       1.2261
  HONG KONG        DOLLAR          7.7994       7.7994       7.7948       7.7930
  INDIA            RUPEE          43.59        43.58        43.62        44.97
  JAPAN            YEN           105.25       104.94       103.34       108.52
  MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
  MEXICO           PESO           11.155       11.137       11.263       11.019
 *NEW ZEALAND      DOLLAR          0.7300       0.7155       0.7065       0.6607
  NORWAY           KRONE           6.2116       6.3960       6.2672       6.9598
  SINGAPORE        DOLLAR          1.6308       1.6381       1.6377       1.6996
  SOUTH AFRICA     RAND            6.0328       6.0001       5.9587       6.6140
  SOUTH KOREA      WON          1007.78      1023.11      1037.98      1166.29
  SRI LANKA        RUPEE          99.390       99.273       98.929       97.522
  SWEDEN           KRONA           6.8954       6.9800       6.8991       7.5322
  SWITZERLAND      FRANC           1.1756       1.1918       1.1792       1.2778
  TAIWAN           DOLLAR         31.106       31.498       31.847       33.252
  THAILAND         BAHT           38.594       38.446       38.739       39.470
 *UNITED KINGDOM   POUND           1.9043       1.8871       1.8797       1.8261
  VENEZUELA        BOLIVAR      2124.65      1915.20      1915.20      1920.00

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     108.93       109.58       109.35       114.06
2)MAJOR CURRENCY   MAR73=100      80.89        81.81        81.06        86.44
3)OITP             JAN97=100     139.52       139.44       140.36       142.52


 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 February 28, 2005, 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 

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