H.10(512)                                                                 January 3, 2005



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING DECEMBER 31, 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       Dec. 27      Dec. 28      Dec. 29      Dec. 30      Dec. 31

 *AUSTRALIA      DOLLAR         0.7777       0.7787       0.7709       0.7785       0.7805
  BRAZIL         REAL           2.6940       2.6900       2.6825       2.6510       2.6550
  CANADA         DOLLAR         1.2160       1.2185       1.2165       1.2064       1.2034
  CHINA, P.R.    YUAN           8.2765       8.2765       8.2765       8.2765       8.2765
  DENMARK        KRONE          5.4604       5.4614       5.4769       5.4596       5.4940
 *EMU MEMBERS    EURO           1.3625       1.3621       1.3568       1.3623       1.3538
  HONG KONG      DOLLAR         7.7821       7.7731       7.7793       7.7757       7.7723
  INDIA          RUPEE         43.75        43.63        43.67        43.62        43.27
  JAPAN          YEN          102.97       103.13       104.19       103.11       102.68
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          11.135       11.206       11.255       11.218       11.154
 *NEW ZEALAND    DOLLAR         0.7218       0.7235       0.7125       0.7181       0.7203
  NORWAY         KRONE          6.0693       6.0731       6.0940       6.0551       6.0794
  SINGAPORE      DOLLAR         1.6383       1.6348       1.6412       1.6369       1.6319
  SOUTH AFRICA   RAND           5.6150       5.6250       5.7000       5.6288       5.6450
  SOUTH KOREA    WON         1046.50      1042.40      1041.00      1041.00      1035.10
  SRI LANKA      RUPEE        104.000      104.250      104.350      104.550      104.400
  SWEDEN         KRONA          6.6080       6.5939       6.6216       6.6215       6.6687
  SWITZERLAND    FRANC          1.1351       1.1338       1.1370       1.1342       1.1412
  TAIWAN         DOLLAR        32.040       32.035       32.020       31.940       31.740
  THAILAND       BAHT          39.030       39.040       39.170       38.960       38.800
 *UNITED KINGDOM POUND          1.9369       1.9316       1.9157       1.9220       1.9160
  VENEZUELA      BOLIVAR     1915.20      1915.20      1915.20      1915.20      1915.20

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    108.24       108.38       108.68       108.18       108.10
2)MAJOR CURRENCY MAR73=100     79.47        79.57        79.89        79.37        79.45
3)OITP           JAN97=100    140.78       140.97       141.15       140.82       140.42


 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

 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. 

Statistical releases