H.10(512)                                                               November 27, 1998



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING NOVEMBER 27, 1998

 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 DOLLAR)


                 MONETARY
   COUNTRY         UNIT       Nov. 23      Nov. 24      Nov. 25      Nov. 26      Nov. 27

 *AUSTRALIA      DOLLAR         0.6410       0.6417       0.6400                    0.6339
  AUSTRIA        SCHILLING     12.000       12.015       11.990                    12.062
  BELGIUM        FRANC         35.21        35.22        35.16                     35.37
  BRAZIL         REAL           1.1973       1.1985       1.1980                    1.2005
  CANADA         DOLLAR         1.5472       1.5486       1.5440                    1.5366
  CHINA,P.R.     YUAN           8.2777       8.2778       8.2777                    8.2782
  DENMARK        KRONE          6.4860       6.4910       6.4790                    6.5115
 *EURO COMMUNITY ECU            1.1530       1.1520       1.1550                    1.1467
  FINLAND        MARKKA         5.1875       5.1920       5.1825                    5.2010
  FRANCE         FRANC          5.7200       5.7235       5.7140                    5.7480
  GERMANY        D. MARK        1.7057       1.7072       1.7036        H           1.7132
  GREECE         DRACHMA      286.30       286.53       285.90                    287.49
  HONG KONG      DOLLAR         7.7430       7.7435       7.7425                    7.7435
  INDIA          RUPEE         42.44        42.48        42.43          O          42.60
 *IRELAND        POUND          1.4590       1.4555       1.4625                    1.4500
  ITALY          LIRA        1688.80      1689.50      1686.80                   1696.90
  JAPAN          YEN          120.93       120.85       121.80          L         123.24
  MALAYSIA       RINGGIT        3.8000       3.8003       3.8000                    3.7997
  MEXICO         PESO           9.875        9.930        9.933                     9.969
  NETHERLANDS    GUILDER        1.9235       1.9249       1.9213        I           1.9318
 *NEW ZEALAND    DOLLAR         0.5325       0.5338       0.5315                    0.5285
  NORWAY         KRONE          7.4925       7.4970       7.5070                    7.5545
  PORTUGAL       ESCUDO       175.00       175.15       174.87          D         175.68
  SINGAPORE      DOLLAR         1.6365       1.6370       1.6400                    1.6495
  SOUTH AFRICA   RAND           5.6675       5.7000       5.6850                    5.7100
  SOUTH KOREA    WON         1248.00      1260.00      1255.00          A        1248.00
  SPAIN          PESETA       145.000      145.180      144.930                   145.720
  SRI LANKA      RUPEE         67.800       67.920       67.920                    67.900
  SWEDEN         KRONA          8.1172       8.0920       8.2070        Y           8.1750
  SWITZERLAND    FRANC          1.4066       1.4090       1.4075                    1.4152
  TAIWAN         DOLLAR        32.500       32.550       32.550                    32.550
  THAILAND       BAHT          36.350       36.200       36.150                    36.100
 *UNITED KINGDOM POUND          1.6540       1.6582       1.6613                    1.6522
  VENEZUELA      BOLIVAR      570.25       570.75       571.80                    571.52

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    115.54       115.63       115.63                    115.93
2)MAJOR CURRENCY MAR73=100     94.94        94.95        95.01                     95.39
3)OITP           JAN97=100    126.57       126.78       126.68                    126.75
4)G-10           MAR73=100     96.49        96.49        96.49                     96.99

 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/; weights for
 the major currencies index and the other important trading partners (OITP) index are derived
 from the broad index weights.

 *  Value is U.S. dollars.
 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.
 4) A weighted average of the foreign exchange value of the U.S. dollar against the currencies
 of the other G-10 countries. We will discontinue publication of this series after December 1998.

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 please call publication services at Federal Reserve Board at (202) 452-3244.