G.5(405) June 2, 2008 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN MAY 2008 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 2008 2008 2008 2007 COUNTRY UNIT May April March May *AUSTRALIA DOLLAR 0.9492 0.9309 0.9221 0.8254 BRAZIL REAL 1.6585 1.6863 1.7090 1.9836 CANADA DOLLAR 0.9993 1.0137 1.0029 1.0951 CHINA, P.R. YUAN 6.9725 6.9997 7.0722 7.6773 DENMARK KRONE 4.7963 4.7354 4.8043 5.5120 *EMU MEMBERS EURO 1.5554 1.5754 1.5520 1.3518 HONG KONG DOLLAR 7.7988 7.7910 7.7813 7.8187 INDIA RUPEE 42.0019 39.9668 40.1452 40.5686 JAPAN YEN 104.3595 102.6777 100.7562 120.7732 MALAYSIA RINGGIT 3.2127 3.1604 3.1841 3.4002 MEXICO PESO 10.4381 10.5146 10.7328 10.8221 *NEW ZEALAND DOLLAR 0.7777 0.7897 0.8004 0.7334 NORWAY KRONE 5.0571 5.0541 5.1495 6.0220 SINGAPORE DOLLAR 1.3659 1.3643 1.3843 1.5231 SOUTH AFRICA RAND 7.6076 7.7585 7.9921 7.0148 SOUTH KOREA WON 1034.1333 986.8636 981.7348 927.5636 SRI LANKA RUPEE 107.7705 107.7791 107.6838 110.7995 SWEDEN KRONA 5.9887 5.9470 6.0613 6.8094 SWITZERLAND FRANC 1.0448 1.0138 1.0126 1.2211 TAIWAN DOLLAR 30.5890 30.3555 30.5771 33.2777 THAILAND BAHT 32.0262 31.5582 31.4043 32.8177 *UNITED KINGDOM POUND 1.9650 1.9816 2.0015 1.9842 VENEZUELA BOLIVAR 2.1446 2.1446 2.1446 2.1446 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 95.8313 95.4757 95.7660 104.3955 2)MAJOR CURRENCY MAR73=100 70.7486 70.4683 70.3205 79.2003 3)OITP JAN97=100 123.3326 122.9073 123.9649 130.4777 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 "Indexes of the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, 91:1 (Winter 2005), pp. 1-8, (http://www.federalreserve.gov/pubs/bulletin/2005/winter05_index.pdf). 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 January 2007 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 Bloomberg. * 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 = 239.640 SLOVENIAN TOLAR