G.5(405) July 30, 2004 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 2004 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 2004 2004 2004 2003 COUNTRY UNIT July June May July *AUSTRALIA DOLLAR 0.7161 0.6937 0.7039 0.6607 BRAZIL REAL 3.0384 3.1293 3.1023 2.8833 CANADA DOLLAR 1.3225 1.3578 1.3789 1.3821 CHINA, P.R. YUAN 8.2767 8.2767 8.2771 8.2773 DENMARK KRONE 6.0631 6.1220 6.2021 6.5425 *EMU MEMBERS EURO 1.2266 1.2146 1.2000 1.1365 HONG KONG DOLLAR 7.8000 7.7980 7.7971 7.7990 INDIA RUPEE 46.06 45.50 45.18 46.22 JAPAN YEN 109.49 109.43 112.20 118.70 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8000 MEXICO PESO 11.468 11.393 11.520 10.458 *NEW ZEALAND DOLLAR 0.6467 0.6284 0.6151 0.5864 NORWAY KRONE 6.9126 6.8279 6.8428 7.2924 SINGAPORE DOLLAR 1.7121 1.7136 1.7124 1.7551 SOUTH AFRICA RAND 6.1350 6.4216 6.7996 7.5458 SOUTH KOREA WON 1158.70 1159.02 1177.88 1181.16 SRI LANKA RUPEE 102.998 100.930 98.929 97.153 SWEDEN KRONA 7.5027 7.5323 7.6097 8.0929 SWITZERLAND FRANC 1.2452 1.2503 1.2839 1.3611 TAIWAN DOLLAR 33.806 33.568 33.444 34.396 THAILAND BAHT 40.982 40.827 40.560 41.808 *UNITED KINGDOM POUND 1.8438 1.8279 1.7860 1.6221 VENEZUELA BOLIVAR 1920.00 1920.00 1919.76 1600.00 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 115.08 115.91 117.08 118.57 2)MAJOR CURRENCY MAR73=100 86.46 87.57 89.03 93.00 3)OITP JAN97=100 145.50 145.52 145.84 142.17 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 (OITP) 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 December 31, 2003, release of this 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. 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