H.10 DAILY UPDATE: WEB RELEASE ONLY                               For immediate release
 FOREIGN EXCHANGE RATES                                            July 1, 2005

 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. 27      Jun. 28      Jun. 29      Jun. 30      Jul. 1

 *AUSTRALIA      DOLLAR         0.7686       0.7644       0.7625       0.7618       0.7516
  BRAZIL         REAL           2.3812       2.3693       2.3493       2.3570       2.3480
  CANADA         DOLLAR         1.2307       1.2310       1.2263       1.2256       1.2418
  CHINA, P.R.    YUAN           8.2765       8.2765       8.2765       8.2765       8.2765
  DENMARK        KRONE          6.1304       6.1685       6.1557       6.1599       6.2333
 *EMU MEMBERS    EURO           1.2152       1.2078       1.2101       1.2098       1.1957
  HONG KONG      DOLLAR         7.7712       7.7711       7.7705       7.7719       7.7718
  INDIA          RUPEE         43.44        43.46        43.50        43.51        43.45
  JAPAN          YEN          109.39       109.89       110.27       110.91       111.68
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          10.809       10.842       10.756       10.772       10.737
 *NEW ZEALAND    DOLLAR         0.7072       0.7013       0.6988       0.6959       0.6837
  NORWAY         KRONE          6.5382       6.5809       6.5327       6.5381       6.6032
  SINGAPORE      DOLLAR         1.6756       1.6822       1.6846       1.6868       1.6914
  SOUTH AFRICA   RAND           6.6295       6.6475       6.6750       6.6670       6.8200
  SOUTH KOREA    WON         1013.50      1023.50      1030.00      1034.50      1033.00
  SRI LANKA      RUPEE         99.700       99.780      100.080      100.120      100.100
  SWEDEN         KRONA          7.7291       7.7810       7.8114       7.8024       7.9218
  SWITZERLAND    FRANC          1.2694       1.2791       1.2786       1.2827       1.2965
  TAIWAN         DOLLAR        31.320       31.330       31.630       31.640       31.640
  THAILAND       BAHT          41.100       41.190       41.290       41.330       41.380
 *UNITED KINGDOM POUND          1.8252       1.8157       1.8080       1.7930       1.7708
  VENEZUELA      BOLIVAR     2144.60      2144.60      2144.60      2144.60      2144.60

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    111.54       111.88       111.83       112.00       112.65
2)MAJOR CURRENCY MAR73=100     84.86        85.20        85.14        85.31        86.28
3)OITP           JAN97=100    138.72       139.00       138.96       139.09       138.97


 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 of the currency weights and dollar indexes took effect
 with the February 3, 2005, release of this report.
 The source for exchange rates not listed in the table above but used in the calculation of the
 broad and OITP indexes is Bloomberg L.P.

 *  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

Statistical releases