H.10(512)                                                               December 29, 2003



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING DECEMBER 26, 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       Dec. 22      Dec. 23      Dec. 24      Dec. 25      Dec. 26

 *AUSTRALIA      DOLLAR         0.7340       0.7361       0.7430                    0.7415
  BRAZIL         REAL           2.9250       2.9100       2.9140        H           2.9000
  CANADA         DOLLAR         1.3320       1.3244       1.3109                    1.3067
  CHINA, P.R.    YUAN           8.2769       8.2769       8.2770                    8.2768
  DENMARK        KRONE          5.9935       6.0005       5.9730        O           5.9780
 *EMU MEMBERS    EURO           1.2415       1.2406       1.2464                    1.2441
  HONG KONG      DOLLAR         7.7641       7.7637       7.7665                    7.7655
  INDIA          RUPEE         45.52        45.52        45.50          L          45.50
  JAPAN          YEN          107.40       107.44       107.29                    107.18
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000                    3.8000
  MEXICO         PESO          11.271       11.275       11.276         I          11.227
 *NEW ZEALAND    DOLLAR         0.6425       0.6410       0.6475                    0.6481
  NORWAY         KRONE          6.7170       6.7570       6.7500                    6.7810
  SINGAPORE      DOLLAR         1.7096       1.7078       1.7060        D           1.7045
  SOUTH AFRICA   RAND           6.9350       6.9040       6.6950                    6.7200
  SOUTH KOREA    WON         1195.00      1196.00      1200.00                   1199.90
  SRI LANKA      RUPEE         96.060       96.170       96.160         A          96.200
  SWEDEN         KRONA          7.3250       7.3150       7.2980                    7.3200
  SWITZERLAND    FRANC          1.2540       1.2583       1.2466                    1.2523
  TAIWAN         DOLLAR        34.050       34.050       34.050         Y          34.050
  THAILAND       BAHT          39.650       39.620       39.660                    39.580
 *UNITED KINGDOM POUND          1.7635       1.7650       1.7748                    1.7725
  VENEZUELA      BOLIVAR     1600.00      1600.00      1600.00                   1600.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    114.51       114.40       114.04                    113.96
2)MAJOR CURRENCY MAR73=100     86.25        86.12        85.61                     85.59
3)OITP           JAN97=100    144.31       144.28       144.31                    144.13


 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
 in early December 2003, and is reflected in the December 22, 2003 release of this weekly 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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