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`G.5A(405)                                                       January 3, 2005





               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2004 TOGETHER
               WITH COMPARABLE FIGURES FOR OTHER YEARS. AVERAGES ARE BASED ON DAILY NOON BUYING
               RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY
               THE FEDERAL RESERVE BANK OF NEW YORK.


                                              (Currency units per U.S. dollar except as noted)


                                 MONETARY
                  COUNTRY          UNIT         2004         2003         2002         2001

               *AUSTRALIA        DOLLAR          0.7365       0.6524       0.5437       0.5169
                BRAZIL           REAL            2.9262       3.0750       2.9213       2.3527
                CANADA           DOLLAR          1.3017       1.4008       1.5704       1.5487
                CHINA,P.R.       YUAN            8.2768       8.2772       8.2771       8.2770
                DENMARK          KRONE           5.9891       6.5774       7.8862       8.3323
               *EMU MEMBERS      EURO            1.2438       1.1321       0.9454       0.8952
                HONG KONG        DOLLAR          7.7891       7.7875       7.7996       7.7997
                INDIA            RUPEE          45.26        46.59        48.63        47.22
                JAPAN            YEN           108.15       115.94       125.22       121.57
                MALAYSIA         RINGGIT         3.8000       3.8000       3.8000       3.8000
                MEXICO           PESO           11.290       10.793        9.663        9.337
               *NEW ZEALAND      DOLLAR          0.6643       0.5822       0.4645       0.4202
                NORWAY           KRONE           6.7399       7.0803       7.9839       8.9964
                SINGAPORE        DOLLAR          1.6902       1.7429       1.7908       1.7930
                SOUTH AFRICA     RAND            6.4402       7.5550      10.5176       8.6093
                SOUTH KOREA      WON          1145.24      1192.08      1250.31      1292.01
                SRI LANKA        RUPEE         101.268       96.541       95.773       89.602
                SWEDEN           KRONA           7.3480       8.0787       9.7233      10.3425
                SWITZERLAND      FRANC           1.2428       1.3450       1.5567       1.6891
                TAIWAN           DOLLAR         33.372       34.405       34.536       33.824
                THAILAND         BAHT           40.271       41.556       43.019       44.532
               *UNITED KINGDOM   POUND           1.8330       1.6347       1.5025       1.4396
                VENEZUELA        BOLIVAR      1886.13      1613.43      1161.19       724.10

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     113.79       119.28       126.75       125.91
              2)MAJOR CURRENCY   MAR73=100      85.42        93.04       105.98       107.66
              3)OITP             JAN97=100     144.03       144.03       140.55       135.86

               This release is available online at http://www.federalreserve.gov/release/.

               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/) and "Index of the Weighted-Average
               Exchange Value of the U.S. Dollar: Revision," Federal Reserve Bulletin, vol. 64 (August 1978),
               p. 700. Weights for 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.

               *  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.









               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.

               The euro is reported in place of the individual euro-area currencies. These currency
               rates can be derived from the euro rate by using the fixed conversion rates
               (in currencies per euro) given below:

                      1  EUR  =  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`

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