H.10(512)                                                                   July 25, 2003



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING JULY 25, 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       Jul. 21      Jul. 22      Jul. 23      Jul. 24      Jul. 25

 *AUSTRALIA      DOLLAR         0.6518       0.6505       0.6597       0.6648       0.6642
  BRAZIL         REAL           2.8845       2.8810       2.8980       2.8850       2.8935
  CANADA         DOLLAR         1.4052       1.4106       1.3990       1.3964       1.3813
  CHINA, P.R.    YUAN           8.2768       8.2770       8.2771       8.2772       8.2776
  DENMARK        KRONE          6.5525       6.5620       6.4720       6.4986       6.4568
 *EMU MEMBERS    EURO           1.1346       1.1325       1.1484       1.1441       1.1513
  HONG KONG      DOLLAR         7.7995       7.7993       7.7994       7.7994       7.7997
  INDIA          RUPEE         46.27        46.15        46.16        46.15        46.15
  JAPAN          YEN          118.35       119.34       118.77       119.25       118.82
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          10.424       10.438       10.530       10.528       10.520
 *NEW ZEALAND    DOLLAR         0.5744       0.5750       0.5811       0.5867       0.5882
  NORWAY         KRONE          7.3600       7.3700       7.2220       7.2245       7.1324
  SINGAPORE      DOLLAR         1.7570       1.7580       1.7528       1.7510       1.7470
  SOUTH AFRICA   RAND           7.6500       7.5900       7.4950       7.5200       7.4250
  SOUTH KOREA    WON         1178.60      1183.00      1180.90      1179.90      1180.20
  SRI LANKA      RUPEE         97.150       97.150       97.150       97.160       97.160
  SWEDEN         KRONA          8.1750       8.1950       8.0240       8.0516       7.9930
  SWITZERLAND    FRANC          1.3551       1.3623       1.3460       1.3517       1.3430
  TAIWAN         DOLLAR        34.410       34.410       34.400       34.370       34.370
  THAILAND       BAHT          41.720       41.880       42.050       41.930       41.970
 *UNITED KINGDOM POUND          1.6010       1.5978       1.6090       1.6110       1.6198
  VENEZUELA      BOLIVAR     1600.00      1600.00      1600.00      1600.00      1600.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    119.49       119.80       119.32       119.38       118.92
2)MAJOR CURRENCY MAR73=100     91.00        91.37        90.49        90.62        90.00
3)OITP           JAN97=100    142.72       142.85       143.25       143.18       143.14


 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

 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. 

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