H.10(512)                                                                   June 18, 1999



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING JUNE 18, 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       Jun. 14      Jun. 15      Jun. 16      Jun. 17      Jun. 18

 *AUSTRALIA      DOLLAR         0.6630       0.6580       0.6565       0.6575       0.6533
  BRAZIL         REAL           1.7800       1.7910       1.7675       1.7585       1.7500
  CANADA         DOLLAR         1.4608       1.4653       1.4585       1.4610       1.4645
  CHINA, P.R.    YUAN           8.2776       8.2781       8.2776       8.2775       8.2774
  DENMARK        KRONE          7.1340       7.1320       7.2115       7.1935       7.1720
 *EMU MEMBERS    EURO           1.0416       1.0420       1.0298       1.0329       1.0368
  GREECE         DRACHMA      311.50       311.00       314.00       312.95       312.35
  HONG KONG      DOLLAR         7.7575       7.7577       7.7580       7.7577       7.7582
  INDIA          RUPEE         43.25        43.45        43.20        43.20        43.16
  JAPAN          YEN          120.40       120.63       120.03       119.47       120.48
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.583        9.516        9.463        9.379        9.365
 *NEW ZEALAND    DOLLAR         0.5385       0.5335       0.5340       0.5348       0.5312
  NORWAY         KRONE          7.8550       7.8620       7.9220       7.8830       7.8600
  SINGAPORE      DOLLAR         1.7130       1.7092       1.7057       1.7020       1.7073
  SOUTH AFRICA   RAND           6.0970       6.0925       6.0830       6.0410       5.9970
  SOUTH KOREA    WON         1171.00      1167.00      1165.00      1167.00      1164.00
  SRI LANKA      RUPEE         70.990       71.500       71.300       71.250       71.300
  SWEDEN         KRONA          8.5025       8.4875       8.5320       8.4765       8.4340
  SWITZERLAND    FRANC          1.5300       1.5315       1.5492       1.5455       1.5412
  TAIWAN         DOLLAR        32.430       32.390       32.420       32.360       32.370
  THAILAND       BAHT          37.050       37.000       36.925       36.900       36.930
 *UNITED KINGDOM POUND          1.6075       1.5950       1.5862       1.5925       1.5924
  VENEZUELA      BOLIVAR      602.75       603.00       603.60       604.00       604.80

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    117.24       117.27       117.28       117.03       117.12
2)MAJOR CURRENCY MAR73=100     96.11        96.32        96.48        96.28        96.45
3)OITP           JAN97=100    128.83       128.54       128.28       127.99       127.92


 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