G.5(405)                                                       January 31, 2002



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JANUARY 2002 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       2002         2001         2001         2001
   COUNTRY           UNIT        January     December     November      January

 *AUSTRALIA        DOLLAR          0.5170       0.5138       0.5165       0.5552
  BRAZIL           REAL            2.3799       2.3635       2.5481       1.9561
  CANADA           DOLLAR          1.5997       1.5788       1.5922       1.5032
  CHINA, P.R.      YUAN            8.2771       8.2761       8.2769       8.2776
  DENMARK          KRONE           8.4183       8.3526       8.3832       7.9629
 *EMU MEMBERS      EURO            0.8832       0.8912       0.8883       0.9376
  HONG KONG        DOLLAR          7.7989       7.7989       7.7996       7.7998
  INDIA            RUPEE          48.35        47.93        48.04        46.61
  JAPAN            YEN           132.68       127.59       122.41       116.67
  MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
  MEXICO           PESO            9.164        9.157        9.225        9.769
 *NEW ZEALAND      DOLLAR          0.4245       0.4157       0.4158       0.4442
  NORWAY           KRONE           8.9684       8.9713       8.9296       8.7817
  SINGAPORE        DOLLAR          1.8394       1.8382       1.8295       1.7380
  SOUTH AFRICA     RAND           11.6258      11.6761       9.7388       7.7786
  SOUTH KOREA      WON          1316.34      1292.29      1282.10      1272.63
  SRI LANKA        RUPEE          93.473       93.194       92.670       85.833
  SWEDEN           KRONA          10.4561      10.5753      10.6117       9.4910
  SWITZERLAND      FRANC           1.6709       1.6566       1.6509       1.6305
  TAIWAN           DOLLAR         35.027       34.682       34.498       32.673
  THAILAND         BAHT           44.036       43.952       44.411       43.149
 *UNITED KINGDOM   POUND           1.4322       1.4413       1.4356       1.4775
  VENEZUELA        BOLIVAR       762.40       753.64       745.10       700.02

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     129.15       127.52       127.33       122.93
2)MAJOR CURRENCY   MAR73=100     108.10       106.30       105.64       100.30
3)OITP             JAN97=100     137.68       136.62       137.19       135.13


 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 (OITIP) 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 1, 2001, 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.

 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