G.5(405)                                                          July 31, 2003



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 2003 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       2003         2003         2003         2002
   COUNTRY           UNIT         July         June          May         July

 *AUSTRALIA        DOLLAR          0.6607       0.6652       0.6468       0.5538
  BRAZIL           REAL            2.8833       2.8887       2.9517       2.9414
  CANADA           DOLLAR          1.3821       1.3525       1.3840       1.5456
  CHINA, P.R.      YUAN            8.2773       8.2771       8.2769       8.2768
  DENMARK          KRONE           6.5425       6.3620       6.4268       7.4807
 *EMU MEMBERS      EURO            1.1365       1.1674       1.1556       0.9935
  HONG KONG        DOLLAR          7.7990       7.7988       7.7991       7.8000
  INDIA            RUPEE          46.22        46.70        47.11        48.79
  JAPAN            YEN           118.70       118.33       117.37       117.90
  MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
  MEXICO           PESO           10.458       10.503       10.253        9.779
 *NEW ZEALAND      DOLLAR          0.5864       0.5815       0.5756       0.4809
  NORWAY           KRONE           7.2924       7.0093       6.8145       7.4694
  SINGAPORE        DOLLAR          1.7551       1.7351       1.7357       1.7524
  SOUTH AFRICA     RAND            7.5458       7.8588       7.6604      10.1032
  SOUTH KOREA      WON          1181.16      1194.14      1201.23      1179.99
  SRI LANKA        RUPEE          97.153       97.236       97.230       96.265
  SWEDEN           KRONA           8.0929       7.8116       7.9213       9.3474
  SWITZERLAND      FRANC           1.3611       1.3196       1.3111       1.4718
  TAIWAN           DOLLAR         34.396       34.633       34.697       33.272
  THAILAND         BAHT           41.808       41.675       42.217       41.257
 *UNITED KINGDOM   POUND           1.6221       1.6609       1.6224       1.5565
  VENEZUELA        BOLIVAR      1600.00      1600.00      1600.00      1317.38

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     119.11       117.93       118.54       124.21
2)MAJOR CURRENCY   MAR73=100      90.42        88.68        89.67        98.75
3)OITP             JAN97=100     142.84       143.07       142.75       140.88


 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 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.

 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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