G.5(405)                                                          July 31, 2002



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 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         2002         2002         2001
   COUNTRY           UNIT         July         June          May         July

 *AUSTRALIA        DOLLAR          0.5538       0.5682       0.5498       0.5089
  BRAZIL           REAL            2.9414       2.7144       2.4753       2.4731
  CANADA           DOLLAR          1.5456       1.5318       1.5502       1.5308
  CHINA, P.R.      YUAN            8.3223       8.2767       8.2770       8.2769
  DENMARK          KRONE           7.4807       7.7775       8.1098       8.6442
 *EMU MEMBERS      EURO            0.9935       0.9561       0.9170       0.8615
  HONG KONG        DOLLAR          7.8000       7.8000       7.7994       7.7999
  INDIA            RUPEE          48.79        48.98        49.02        47.18
  JAPAN            YEN           117.90       123.29       126.38       124.50
  MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
  MEXICO           PESO            9.779        9.767        9.510        9.168
 *NEW ZEALAND      DOLLAR          0.4809       0.4886       0.4610       0.4081
  NORWAY           KRONE           7.4694       7.7533       8.2050       9.2566
  SINGAPORE        DOLLAR          1.7524       1.7831       1.8004       1.8233
  SOUTH AFRICA     RAND           10.1032      10.1841      10.1615       8.2094
  SOUTH KOREA      WON          1179.99      1219.70      1262.20      1305.24
  SRI LANKA        RUPEE          96.265       96.408       96.318       90.314
  SWEDEN           KRONA           9.3474       9.5376      10.0642      10.7603
  SWITZERLAND      FRANC           1.4718       1.5399       1.5889       1.7570
  TAIWAN           DOLLAR         33.272       33.889       34.454       34.821
  THAILAND         BAHT           41.257       42.160       42.816       45.641
 *UNITED KINGDOM   POUND           1.5565       1.4837       1.4598       1.4148
  VENEZUELA        BOLIVAR      1317.38      1212.07       985.80       722.72

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     124.25       125.96       127.35       127.65
2)MAJOR CURRENCY   MAR73=100      98.97       101.42       104.09       106.11
3)OITP             JAN97=100     140.60       140.70       139.71       137.20


 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, 2002, 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

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