H.10(512)                                                                     May 2, 2003



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING MAY 2, 2003

 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve
 Bank of New York has certified for customs purposes the following noon buying rates in
 New York City for cable transfers payable in foreign currencies:


                (Rates in currency units per U.S. dollar except as noted)


                 MONETARY
   COUNTRY         UNIT       Apr. 28      Apr. 29      Apr. 30      May. 1       May. 2

 *AUSTRALIA      DOLLAR         0.6192       0.6200       0.6262       0.6318       0.6298
  BRAZIL         REAL           2.9910       2.9085       2.8870       2.9125       2.9100
  CANADA         DOLLAR         1.4504       1.4460       1.4336       1.4191       1.4221
  CHINA, P.R.    YUAN           8.2770       8.2770       8.2771       8.2771       8.2771
  DENMARK        KRONE          6.7530       6.7450       6.6400       6.6022       6.6310
 *EMU MEMBERS    EURO           1.0999       1.1010       1.1180       1.1238       1.1200
  HONG KONG      DOLLAR         7.7993       7.7994       7.7991       7.7993       7.7993
  INDIA          RUPEE         47.35        47.37        47.37        47.35        47.35
  JAPAN          YEN          120.34       120.14       119.07       118.56       119.10
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          10.433       10.333       10.308       10.250       10.195
 *NEW ZEALAND    DOLLAR         0.5564       0.5567       0.5600       0.5616       0.5627
  NORWAY         KRONE          7.0530       7.0775       6.9950       6.9501       7.0300
  SINGAPORE      DOLLAR         1.7779       1.7779       1.7745       1.7696       1.7727
  SOUTH AFRICA   RAND           7.1900       7.1750       7.2875       7.2730       7.5050
  SOUTH KOREA    WON         1222.50      1219.00      1215.50      1213.00      1213.00
  SRI LANKA      RUPEE         97.050       97.150       97.140       97.140       97.170
  SWEDEN         KRONA          8.3230       8.2850       8.1700       8.1180       8.1470
  SWITZERLAND    FRANC          1.3695       1.3688       1.3545       1.3420       1.3480
  TAIWAN         DOLLAR        34.980       34.890       34.850       34.850       34.800
  THAILAND       BAHT          42.940       42.940       42.860       42.820       42.790
 *UNITED KINGDOM POUND          1.5906       1.5904       1.6000       1.6103       1.6020
  VENEZUELA      BOLIVAR     1600.00      1600.00      1600.00      1600.00      1600.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    121.77       121.43       120.61       120.09       120.21
2)MAJOR CURRENCY MAR73=100     93.38        93.21        92.21        91.58        91.90
3)OITP           JAN97=100    144.28       143.67       143.41       143.21       142.95


 This release is available online at http://www.federalreserve.gov/releases/H10.

 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 dollar indexes took effect
 with the January 30, 2003 release of this report.

 *  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.

 The euro is reported in place of the individual euro-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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 please call publication services at Federal Reserve Board at (202) 452-3244.

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