H.10(512)                                                                February 5, 1999  



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING FEBRUARY 5, 1999

 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       Feb. 1       Feb. 2       Feb. 3       Feb. 4       Feb. 5

 *AUSTRALIA      DOLLAR         0.6336       0.6401       0.6415       0.6490       0.6517
  BRAZIL         REAL           1.9700       1.8100       1.8000       1.8250       1.8500
  CANADA         DOLLAR         1.5085       1.5124       1.5135       1.4930       1.4880
  CHINA, P.R.    YUAN           8.2775       8.2775       8.2776       8.2776       8.2776
  DENMARK        KRONE          6.5750       6.5590       6.5550       6.5730       6.5940
 *EMU MEMBERS    EURO           1.1303       1.1328       1.1339       1.1306       1.1283
  GREECE         DRACHMA      284.20       282.47       282.95       284.28       285.30
  HONG KONG      DOLLAR         7.7489       7.7497       7.7492       7.7495       7.7498
  INDIA          RUPEE         42.55        42.54        42.50        42.52        42.50
  JAPAN          YEN          115.09       112.12       112.46       112.03       113.14
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO          10.120       10.095       10.125       10.115       10.090
 *NEW ZEALAND    DOLLAR         0.5430       0.5450       0.5500       0.5535       0.5508
  NORWAY         KRONE          7.5560       7.5850       7.6150       7.6430       7.6610
  SINGAPORE      DOLLAR         1.6910       1.6850       1.6865       1.6868       1.6885
  SOUTH AFRICA   RAND           6.0410       6.0100       6.0150       6.0500       5.9750
  SOUTH KOREA    WON         1176.00      1171.00      1171.50      1171.60      1171.20
  SRI LANKA      RUPEE         68.930       68.710       68.800       68.800       68.830
  SWEDEN         KRONA          7.8330       7.8370       7.8650       7.8430       7.8550
  SWITZERLAND    FRANC          1.4232       1.4111       1.4135       1.4170       1.4173
  TAIWAN         DOLLAR        32.300       32.340       32.300       32.400       32.300
  THAILAND       BAHT          36.850       36.750       36.700       36.850       36.820
 *UNITED KINGDOM POUND          1.6410       1.6430       1.6375       1.6395       1.6370
  VENEZUELA      BOLIVAR      576.05       576.55       577.00       576.75       577.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    115.98       115.27       115.30       115.06       115.22
2)MAJOR CURRENCY MAR73=100     93.27        92.73        92.83        92.40        92.60
3)OITP           JAN97=100    130.73       129.86       129.77       129.93       129.99


 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.

 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 11, 1999 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  =  40.3399  BELGIAN FRANCS
                =  1.95583  GERMAN MARKS
                =  166.386  SPANISH PESETAS
                =  6.55957  FRENCH FRANCS
                =  .787564  IRISH POUNDS
                =  1936.27  ITALIAN LIRE
                =  40.3399  LUXEMBOURG FRANCS
                =  2.20371  DUTCH GUILDERS
                =  13.7603  AUSTRIAN SCHILLINGS
                =  200.482  PORTUGUESE ESCUDOS
                =  5.94573  FINNISH MARKKAS