Exchange rates [F11.1]

Definition and Sources

Exchange Rates

Since 1 July 2008, the rate shown for the US dollar is the WM/Reuters Australian Dollar Fix at 4.00 pm (Sydney) on the day concerned, sourced from page AUDFIX on Thomson Reuters and rounded to four decimals. Prior to that, the rate shown for the US dollar was the Reserve Bank's observation of mid-points of buying and selling rates quoted at 4.00 pm (Sydney) on the day concerned. Rates shown for most other currencies are calculated by crossing the rate for the US dollar with the Reserve Bank’s observations of mid-points of buying and selling rates quoted around the same time. These rates are indications of market value only and may differ from those quoted by foreign exchange dealers and other market sources.

The trade-weighted index is calculated on the basis of the rates for the US dollar and other currencies. Details of the method of calculation of the trade-weighted index are set out in the Bulletin for October 2002 and current weights are on the Bank's website.

The value of the Special Drawing Right is calculated by the International Monetary Fund on the basis of a weighted basket of four currencies – US dollar, European euro, Japanese yen and UK pound. The Fund publishes the value of the SDR each day in terms of US dollars; the latest available rate is crossed with the 4.00 pm A$/US$ rate.

In January 1999, 11 countries that were members of the European Economic and Monetary Union (EMU) replaced their national currencies with the euro. These countries were Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. In subsequent years, additional countries have adopted the euro. Please refer to the table below for conversion rates.

Fixed euro conversion rates

Source: ECB

Currency (€1=)

Belgian francs - BEF - 40.3399

Deutsche Mark - DEM - 1.95583

Estonian kroon - EEK - 15.6466

Irish pound - IEP - 0.787564

Greek drachmas - GRD - 340.75

Spanish pesetas - ESP - 166.386

Cyprus pound - CYP - 0.585274

French francs - FRF - 6.55957

Italian lire - ITL - 1936.27

Latvian lats - LVL - 0.702804

Luxembourg francs - LUF - 40.3399

Maltese lira - MTL - 0.4293

Dutch guilders - NLG - 2.20371

Austrian schillings - ATS - 13.7603

Portuguese escudos - PTE - 200.482

Slovenian tolars - SIT - 239.64

Slovak koruna - SKK - 30.126

Finnish markkas - FIM - 5.94573