H.10(512)                                                               December 13, 1999



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING DECEMBER 10, 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       Dec. 6       Dec. 7       Dec. 8       Dec. 9       Dec. 10

 *AUSTRALIA      DOLLAR         0.6348       0.6362       0.6380       0.6396       0.6365
  BRAZIL         REAL           1.8680       1.8600       1.8640       1.8660       1.8660
  CANADA         DOLLAR         1.4742       1.4750       1.4794       1.4745       1.4787
  CHINA, P.R.    YUAN           8.2790       8.2790       8.2795       8.2795       8.2795
  DENMARK        KRONE          7.2610       7.2750       7.2500       7.3230       7.3300
 *EMU MEMBERS    EURO           1.0252       1.0222       1.0263       1.0161       1.0158
  GREECE         DRACHMA      320.75       321.30       320.00       323.70       324.75
  HONG KONG      DOLLAR         7.7738       7.7737       7.7750       7.7755       7.7745
  INDIA          RUPEE         43.43        43.50        43.50        43.50        43.50
  JAPAN          YEN          103.10       102.39       102.97       102.57       102.40
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.462        9.450        9.477        9.429        9.416
 *NEW ZEALAND    DOLLAR         0.5064       0.5068       0.5086       0.5071       0.4935
  NORWAY         KRONE          7.9370       7.9375       7.9200       7.9875       7.9925
  SINGAPORE      DOLLAR         1.6797       1.6767       1.6805       1.6790       1.6762
  SOUTH AFRICA   RAND           6.1570       6.1580       6.1560       6.1480       6.1220
  SOUTH KOREA    WON         1150.20      1139.00      1125.00      1130.00      1132.80
  SRI LANKA      RUPEE         72.450       72.110       72.500       72.500       71.700
  SWEDEN         KRONA          8.4170       8.4150       8.3500       8.4060       8.4675
  SWITZERLAND    FRANC          1.5608       1.5645       1.5600       1.5741       1.5745
  TAIWAN         DOLLAR        31.650       31.600       31.600       31.630       31.650
  THAILAND       BAHT          38.970       38.700       38.560       38.600       38.670
 *UNITED KINGDOM POUND          1.6230       1.6233       1.6255       1.6230       1.6225
  VENEZUELA      BOLIVAR      641.00       641.75       642.81       642.25       643.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    116.05       115.94       115.98       116.05       116.10
2)MAJOR CURRENCY MAR73=100     92.90        92.84        92.90        93.05        93.12
3)OITP           JAN97=100    129.81       129.62       129.62       129.54       129.53


 This release is available online at http://www.federalreserve.gov/releases/H10.

 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 most recent annual revision to the trade weights has
 produced revised index values that appear in the dollar indexes starting with the
 November 1, 1999, release.

 *  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  =  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