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