H.10(512)                                                                    May 30, 2003



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING MAY 30, 2003

 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. 26      May. 27      May. 28      May. 29      May. 30

 *AUSTRALIA      DOLLAR                      0.6585       0.6479       0.6477       0.6513
  BRAZIL         REAL            H           3.0340       3.0200       2.9330       2.9790
  CANADA         DOLLAR                      1.3754       1.3867       1.3769       1.3712
  CHINA, P.R.    YUAN                        8.2768       8.2770       8.2770       8.2768
  DENMARK        KRONE           O           6.2625       6.3246       6.2745       6.3123
 *EMU MEMBERS    EURO                        1.1853       1.1742       1.1835       1.1766
  HONG KONG      DOLLAR                      7.7988       7.7987       7.7985       7.7987
  INDIA          RUPEE           L          46.85        46.98        47.05        47.07
  JAPAN          YEN                       117.12       118.73       118.45       119.50
  MALAYSIA       RINGGIT                     3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO            I          10.354       10.424       10.322       10.340
 *NEW ZEALAND    DOLLAR                      0.5834       0.5744       0.5758       0.5759
  NORWAY         KRONE                       6.6450       6.7180       6.6684       6.6917
  SINGAPORE      DOLLAR          D           1.7220       1.7358       1.7310       1.7350
  SOUTH AFRICA   RAND                        8.1200       8.2350       8.1050       8.0350
  SOUTH KOREA    WON                      1198.90      1200.50      1207.10      1210.00
  SRI LANKA      RUPEE           A          97.250       97.270       97.260       97.250
  SWEDEN         KRONA                       7.7530       7.7860       7.7479       7.7654
  SWITZERLAND    FRANC                       1.2851       1.2990       1.2898       1.3022
  TAIWAN         DOLLAR          Y          34.700       34.730       34.750       34.710
  THAILAND       BAHT                       41.690       41.830       41.800       41.750
 *UNITED KINGDOM POUND                       1.6400       1.6350       1.6484       1.6393
  VENEZUELA      BOLIVAR                  1600.00      1600.00      1600.00      1600.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100                 117.80       118.55       117.99       118.25
2)MAJOR CURRENCY MAR73=100                  88.53        89.38        88.83        89.12
3)OITP           JAN97=100                 142.99       143.33       142.91       143.06


 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 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.

 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.

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