G.5A(405) January 2, 2004 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2003 TOGETHER WITH COMPARABLE FIGURES FOR OTHER YEARS. 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 COUNTRY UNIT 2003 2002 2001 2000 *AUSTRALIA DOLLAR 0.6524 0.5437 0.5169 0.5815 BRAZIL REAL 3.0750 2.9213 2.3527 1.8301 CANADA DOLLAR 1.4008 1.5704 1.5487 1.4855 CHINA,P.R. YUAN 8.2772 8.2771 8.2770 8.2784 DENMARK KRONE 6.5774 7.8862 8.3323 8.0953 *EMU MEMBERS EURO 1.1321 0.9454 0.8952 0.9232 HONG KONG DOLLAR 7.7875 7.7996 7.7997 7.7924 INDIA RUPEE 46.59 48.63 47.22 45.00 JAPAN YEN 115.94 125.22 121.57 107.80 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8000 MEXICO PESO 10.793 9.663 9.337 9.459 *NEW ZEALAND DOLLAR 0.5822 0.4645 0.4202 0.4568 NORWAY KRONE 7.0803 7.9839 8.9964 8.8131 SINGAPORE DOLLAR 1.7429 1.7908 1.7930 1.7250 SOUTH AFRICA RAND 7.5550 10.5176 8.6093 6.9468 SOUTH KOREA WON 1192.08 1250.31 1292.01 1130.90 SRI LANKA RUPEE 96.541 95.773 89.602 76.964 SWEDEN KRONA 8.0787 9.7233 10.3425 9.1735 SWITZERLAND FRANC 1.3450 1.5567 1.6891 1.6904 TAIWAN DOLLAR 34.405 34.536 33.824 31.260 THAILAND BAHT 41.556 43.019 44.532 40.210 *UNITED KINGDOM POUND 1.6347 1.5025 1.4396 1.5156 VENEZUELA BOLIVAR 1613.43 1161.19 724.10 680.52 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 119.09 126.66 125.93 119.45 2)MAJOR CURRENCY MAR73=100 93.00 105.99 107.67 101.58 3)OITP JAN97=100 143.54 140.36 135.91 129.84 This release is available online at http://www.federalreserve.gov/release/. 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/) and "Index of the Weighted-Average Exchange Value of the U.S. Dollar: Revision," Federal Reserve Bulletin, vol. 64 (August 1978), p. 700. Weights for 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 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. As of the January 3, 2000 release, the euro is reported in place of the individual euro-area currencies. These currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) given below: 1 EUR = 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