G.5(405) January 3, 2005 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN DECEMBER 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 December November October December *AUSTRALIA DOLLAR 0.7675 0.7704 0.7337 0.7391 BRAZIL REAL 2.7150 2.7877 2.8520 2.9255 CANADA DOLLAR 1.2189 1.1968 1.2469 1.3128 CHINA, P.R. YUAN 8.2765 8.2765 8.2765 8.2770 DENMARK KRONE 5.5449 5.7178 5.9486 6.0537 *EMU MEMBERS EURO 1.3406 1.2997 1.2507 1.2298 HONG KONG DOLLAR 7.7760 7.7755 7.7889 7.7645 INDIA RUPEE 43.85 45.03 45.74 45.57 JAPAN YEN 103.81 104.70 108.78 107.74 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8000 MEXICO PESO 11.201 11.371 11.404 11.251 *NEW ZEALAND DOLLAR 0.7149 0.7009 0.6846 0.6471 NORWAY KRONE 6.1355 6.2700 6.5809 6.7128 SINGAPORE DOLLAR 1.6402 1.6505 1.6767 1.7107 SOUTH AFRICA RAND 5.7235 6.0305 6.3815 6.5374 SOUTH KOREA WON 1050.37 1086.44 1141.57 1192.34 SRI LANKA RUPEE 104.748 104.632 103.885 96.413 SWEDEN KRONA 6.6969 6.9257 7.2453 7.3395 SWITZERLAND FRANC 1.1465 1.1711 1.2330 1.2643 TAIWAN DOLLAR 32.170 32.777 33.775 34.056 THAILAND BAHT 39.183 40.282 41.294 39.745 *UNITED KINGDOM POUND 1.9286 1.8607 1.8077 1.7516 VENEZUELA BOLIVAR 1915.20 1915.20 1918.08 1599.86 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 108.72 109.97 112.90 114.30 2)MAJOR CURRENCY MAR73=100 80.11 81.03 84.25 86.22 3)OITP JAN97=100 140.57 142.18 143.74 143.62 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 February 28, 2005, 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