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`G.5A(405)                                                       January 2, 2004                    THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2003 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)`

|COUNTRY   | MONETARYUNIT | 2003    | 2002    | 2001    | 2000
|--------- | ------------ | ------- | ------- | ------- | ----
|DOLLAR    | 0.6524       | 0.5437  | 0.5169  | 0.5815 
|REAL      | 3.0750       | 2.9213  | 2.3527  | 1.8301 
|DOLLAR    | 1.4008       | 1.5704  | 1.5487  | 1.4855 
|YUAN      | 8.2772       | 8.2771  | 8.2770  | 8.2784 
|KRONE     | 6.5774       | 7.8862  | 8.3323  | 8.0953 
|EURO      | 1.1321       | 0.9454  | 0.8952  | 0.9232 
|DOLLAR    | 7.7875       | 7.7996  | 7.7997  | 7.7924 
|RUPEE     | 46.59        | 48.63   | 47.22   | 45.00  
|YEN       | 115.94       | 125.22  | 121.57  | 107.80 
|RINGGIT   | 3.8000       | 3.8000  | 3.8000  | 3.8000 
|PESO      | 10.793       | 9.663   | 9.337   | 9.459  
|DOLLAR    | 0.5822       | 0.4645  | 0.4202  | 0.4568 
|KRONE     | 7.0803       | 7.9839  | 8.9964  | 8.8131 
|DOLLAR    | 1.7429       | 1.7908  | 1.7930  | 1.7250 
|RAND      | 7.5550       | 10.5176 | 8.6093  | 6.9468 
|WON       | 1192.08      | 1250.31 | 1292.01 | 1130.90
|RUPEE     | 96.541       | 95.773  | 89.602  | 76.964 
|KRONA     | 8.0787       | 9.7233  | 10.3425 | 9.1735 
|FRANC     | 1.3450       | 1.5567  | 1.6891  | 1.6904 
|DOLLAR    | 34.405       | 34.536  | 33.824  | 31.260 
|BAHT      | 41.556       | 43.019  | 44.532  | 40.210 
|POUND     | 1.6347       | 1.5025  | 1.4396  | 1.5156 
|BOLIVAR   | 1613.43      | 1161.19 | 724.10  | 680.52 
|          |              |         |         |        
|
|DOLLAR   
|JAN97=100 | 119.09       | 126.66  | 125.93  | 119.45 
|MAR73=100 | 93.00        | 105.99  | 107.67  | 101.58 
|JAN97=100 | 143.54       | 140.36  | 135.91  | 129.84 
|          |              |         |         |        

`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. 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.                 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.                As of the January 3, 2000 release, 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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