H.10(512)                                                                   July 18, 2003



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING JULY 18, 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       Jul. 14      Jul. 15      Jul. 16      Jul. 17      Jul. 18

 *AUSTRALIA      DOLLAR         0.6600       0.6518       0.6565       0.6517       0.6454
  BRAZIL         REAL           2.8790       2.8400       2.8640       2.8600       2.8700
  CANADA         DOLLAR         1.3739       1.3927       1.3874       1.3973       1.4114
  CHINA, P.R.    YUAN           8.2771       8.2772       8.2770       8.2771       8.2770
  DENMARK        KRONE          6.5850       6.6190       6.6285       6.6600       6.6135
 *EMU MEMBERS    EURO           1.1298       1.1233       1.1209       1.1164       1.1239
  HONG KONG      DOLLAR         7.7998       7.7995       7.7998       7.7997       7.7950
  INDIA          RUPEE         46.06        46.13        46.23        46.23        46.29
  JAPAN          YEN          117.54       117.24       118.24       118.87       118.40
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          10.385       10.430       10.392       10.339       10.380
 *NEW ZEALAND    DOLLAR         0.5903       0.5831       0.5855       0.5820       0.5728
  NORWAY         KRONE          7.3775       7.4293       7.4360       7.4900       7.4024
  SINGAPORE      DOLLAR         1.7560       1.7553       1.7575       1.7622       1.7612
  SOUTH AFRICA   RAND           7.5800       7.6600       7.8000       7.7350       7.7050
  SOUTH KOREA    WON         1176.30      1180.00      1180.00      1180.00      1181.00
  SRI LANKA      RUPEE         97.140       97.130       97.150       97.150       97.150
  SWEDEN         KRONA          8.0850       8.1500       8.1820       8.2675       8.2328
  SWITZERLAND    FRANC          1.3722       1.3818       1.3760       1.3772       1.3673
  TAIWAN         DOLLAR        34.350       34.350       34.410       34.410       34.410
  THAILAND       BAHT          41.630       41.500       41.650       41.720       41.760
 *UNITED KINGDOM POUND          1.6238       1.5986       1.5952       1.5893       1.5867
  VENEZUELA      BOLIVAR     1600.00      1600.00      1600.00      1600.00      1600.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    118.83       119.35       119.44       119.73       119.84
2)MAJOR CURRENCY MAR73=100     90.25        90.92        91.04        91.52        91.54
3)OITP           JAN97=100    142.42       142.53       142.54       142.40       142.64


 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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