H.10(512)                                                                    July 2, 2004



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING JULY 2, 2004

 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       Jun. 28      Jun. 29      Jun. 30      Jul. 1       Jul. 2

 *AUSTRALIA      DOLLAR         0.6998       0.6908       0.6952       0.7036       0.7125
  BRAZIL         REAL           3.1375       3.1200       3.1050       3.0830       3.0410
  CANADA         DOLLAR         1.3435       1.3465       1.3407       1.3325       1.3254
  CHINA, P.R.    YUAN           8.2766       8.2766       8.2766       8.2767       8.2766
  DENMARK        KRONE          6.0960       6.1321       6.1030       6.1140       6.0425
 *EMU MEMBERS    EURO           1.2193       1.2124       1.2179       1.2158       1.2307
  HONG KONG      DOLLAR         7.7990       7.7998       7.8000       7.8000       7.7999
  INDIA          RUPEE         45.99        46.05        45.99        45.88        45.75
  JAPAN          YEN          107.95       108.18       109.43       108.24       108.60
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          11.423       11.525       11.538       11.506       11.473
 *NEW ZEALAND    DOLLAR         0.6412       0.6325       0.6322       0.6400       0.6468
  NORWAY         KRONE          6.8190       6.9038       6.9380       6.9715       6.9218
  SINGAPORE      DOLLAR         1.7095       1.7157       1.7230       1.7155       1.7123
  SOUTH AFRICA   RAND           6.1650       6.2475       6.2275       6.2450       6.1125
  SOUTH KOREA    WON         1153.00      1152.00      1156.00      1153.00      1155.20
  SRI LANKA      RUPEE        102.400      102.350      102.400      102.400      102.400
  SWEDEN         KRONA          7.4990       7.5325       7.5250       7.5460       7.4660
  SWITZERLAND    FRANC          1.2482       1.2615       1.2520       1.2509       1.2336
  TAIWAN         DOLLAR        33.650       33.690       33.660       33.600       33.620
  THAILAND       BAHT          40.900       40.920       40.910       40.830       40.700
 *UNITED KINGDOM POUND          1.8294       1.8090       1.8126       1.8160       1.8300
  VENEZUELA      BOLIVAR     1920.00      1920.00      1920.00      1920.00      1920.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    115.45       115.87       115.82       115.46       114.94
2)MAJOR CURRENCY MAR73=100     86.91        87.32        87.23        86.89        86.32
3)OITP           JAN97=100    145.59       145.93       145.98       145.66       145.40


 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.
 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.

 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

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 please call publication services at Federal Reserve Board at (202) 452-3244. 

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