H.10(512)                                                                    May 24, 2002



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING MAY 24, 2002

 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve
 Bank of New York has certified for customs purposes the following noon buying rates in
 New York City for cable transfers payable in foreign currencies:


                (Rates in currency units per U.S. dollar except as noted)


                 MONETARY
   COUNTRY         UNIT       May. 20      May. 21      May. 22      May. 23      May. 24

 *AUSTRALIA      DOLLAR         0.5524       0.5553       0.5584       0.5585       0.5558
  BRAZIL         REAL           2.4720       2.4745       2.5070       2.5380       2.5340
  CANADA         DOLLAR         1.5415       1.5387       1.5361       1.5338       1.5350
  CHINA, P.R.    YUAN           8.2769       8.2769       8.2770       8.2770       8.2771
  DENMARK        KRONE          8.0750       8.0930       8.0280       8.0570       8.0680
 *EMU MEMBERS    EURO           0.9213       0.9191       0.9265       0.9233       0.9220
  HONG KONG      DOLLAR         7.7990       7.7994       7.7997       7.8001       7.7999
  INDIA          RUPEE         49.06        49.01        49.01        49.07        49.02
  JAPAN          YEN          125.64       123.83       124.16       124.84       124.71
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.494        9.510        9.535        9.527        9.562
 *NEW ZEALAND    DOLLAR         0.4655       0.4670       0.4715       0.4761       0.4707
  NORWAY         KRONE          8.1860       8.1940       8.0715       8.0730       8.0725
  SINGAPORE      DOLLAR         1.7922       1.7890       1.7925       1.8003       1.7990
  SOUTH AFRICA   RAND          10.0500      10.1100      10.1250      10.1450      10.0360
  SOUTH KOREA    WON         1253.60      1249.60      1242.20      1241.10      1238.20
  SRI LANKA      RUPEE         96.400       96.400       96.400       96.400       96.450
  SWEDEN         KRONA          9.9955       9.9830       9.8690       9.8860       9.9080
  SWITZERLAND    FRANC          1.5785       1.5798       1.5686       1.5755       1.5827
  TAIWAN         DOLLAR        34.410       34.370       34.340       34.330       34.360
  THAILAND       BAHT          42.620       42.590       42.820       42.890       42.880
 *UNITED KINGDOM POUND          1.4588       1.4568       1.4589       1.4545       1.4577
  VENEZUELA      BOLIVAR     1004.00       999.00       997.00       999.00      1003.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    126.94       126.68       126.54       126.72       126.81
2)MAJOR CURRENCY MAR73=100    103.57       103.22       102.92       103.16       103.21
3)OITP           JAN97=100    139.54       139.49       139.63       139.68       139.82


 This release is available online at http://www.federalreserve.gov/releases/H10.

 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 dollar indexes took effect
 with the January 7, 2002, 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.

 The euro is reported in place of the individual euro-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

 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.