H.10(512)                                                                     May 7, 2004



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING MAY 7, 2004

 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       May. 3       May. 4       May. 5       May. 6       May. 7

 *AUSTRALIA      DOLLAR         0.7198       0.7284       0.7337       0.7238       0.7031
  BRAZIL         REAL           2.9620       2.9680       2.9640       2.9950       3.0840
  CANADA         DOLLAR         1.3740       1.3702       1.3725       1.3784       1.3858
  CHINA, P.R.    YUAN           8.2771       8.2771       8.2771       8.2771       8.2771
  DENMARK        KRONE          6.2330       6.1640       6.1150       6.1560       6.2650
 *EMU MEMBERS    EURO           1.1937       1.2076       1.2165       1.2090       1.1885
  HONG KONG      DOLLAR         7.8000       7.8000       7.7997       7.7995       7.7997
  INDIA          RUPEE         44.88        44.70        44.55        44.65        44.66
  JAPAN          YEN          110.34       110.02       108.50       109.58       112.30
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          11.442       11.415       11.382       11.445       11.545
 *NEW ZEALAND    DOLLAR         0.6259       0.6328       0.6356       0.6315       0.6168
  NORWAY         KRONE          6.8940       6.8040       6.7115       6.7360       6.8090
  SINGAPORE      DOLLAR         1.7028       1.6962       1.6853       1.6895       1.7024
  SOUTH AFRICA   RAND           6.9900       6.9040       6.8250       6.9050       7.0530
  SOUTH KOREA    WON         1173.00      1172.00      1168.00      1167.00      1172.00
  SRI LANKA      RUPEE         98.530       98.530       98.530       98.550       98.550
  SWEDEN         KRONA          7.6600       7.5700       7.5085       7.5260       7.6540
  SWITZERLAND    FRANC          1.3010       1.2830       1.2745       1.2833       1.3020
  TAIWAN         DOLLAR        33.260       33.180       33.160       33.140       33.390
  THAILAND       BAHT          39.980       39.950       39.790       39.930       40.190
 *UNITED KINGDOM POUND          1.7720       1.7907       1.7932       1.7941       1.7842
  VENEZUELA      BOLIVAR     1920.00      1920.00      1920.00      1920.00      1920.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    116.61       116.09       115.65       116.15       117.34
2)MAJOR CURRENCY MAR73=100     88.85        88.22        87.74        88.26        89.52
3)OITP           JAN97=100    144.89       144.72       144.46       144.81       145.58


 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
 in early December 2003, and is reflected in the December 22, 2003 release of this weekly 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.

 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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