G.5(405)                                                           May 31, 2005



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN MAY 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          May         April        March         May

 *AUSTRALIA        DOLLAR          0.7663       0.7738       0.7848       0.7039
  BRAZIL           REAL            2.4554       2.5760       2.7061       3.1023
  CANADA           DOLLAR          1.2555       1.2359       1.2160       1.3789
  CHINA, P.R.      YUAN            8.2764       8.2765       8.2765       8.2771
  DENMARK          KRONE           5.8628       5.7554       5.6488       6.2021
 *EMU MEMBERS      EURO            1.2697       1.2943       1.3185       1.2000
  HONG KONG        DOLLAR          7.7914       7.7984       7.7994       7.7971
  INDIA            RUPEE          43.41        43.64        43.59        45.18
  JAPAN            YEN           106.60       107.19       105.25       112.20
  MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
  MEXICO           PESO           10.976       11.112       11.155       11.520
 *NEW ZEALAND      DOLLAR          0.7191       0.7209       0.7300       0.6151
  NORWAY           KRONE           6.3656       6.3147       6.2116       6.8428
  SINGAPORE        DOLLAR          1.6507       1.6511       1.6308       1.7124
  SOUTH AFRICA     RAND            6.3267       6.1469       6.0328       6.7996
  SOUTH KOREA      WON          1001.84      1010.07      1007.78      1177.88
  SRI LANKA        RUPEE          99.791       99.671       99.390       98.929
  SWEDEN           KRONA           7.2382       7.0814       6.8954       7.6097
  SWITZERLAND      FRANC           1.2172       1.1954       1.1756       1.2839
  TAIWAN           DOLLAR         31.265       31.480       31.106       33.444
  THAILAND         BAHT           39.800       39.521       38.594       40.560
 *UNITED KINGDOM   POUND           1.8559       1.8961       1.9043       1.7860
  VENEZUELA        BOLIVAR      2144.60      2144.60      2124.65      1919.76

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     110.44       109.92       108.93       116.79
2)MAJOR CURRENCY   MAR73=100      83.34        82.23        80.89        88.97
3)OITP             JAN97=100     138.70       139.53       139.52       145.01


 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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