H.10(512)                                                               December 17, 1999



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING DECEMBER 17, 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. 13      Dec. 14      Dec. 15      Dec. 16      Dec. 17

 *AUSTRALIA      DOLLAR         0.6330       0.6352       0.6357       0.6425       0.6426
  BRAZIL         REAL           1.8560       1.8470       1.8520       1.8430       1.8000
  CANADA         DOLLAR         1.4796       1.4823       1.4837       1.4785       1.4778
  CHINA, P.R.    YUAN           8.2795       8.2794       8.2794       8.2794       8.2794
  DENMARK        KRONE          7.3560       7.3970       7.3965       7.3140       7.3680
 *EMU MEMBERS    EURO           1.0120       1.0067       1.0066       1.0169       1.0088
  GREECE         DRACHMA      326.10       327.85       328.15       324.76       327.35
  HONG KONG      DOLLAR         7.7750       7.7753       7.7747       7.7728       7.7720
  INDIA          RUPEE         43.57        43.60        43.54        43.55        43.55
  JAPAN          YEN          103.26       103.47       103.54       103.04       103.27
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.412        9.413        9.374        9.363        9.330
 *NEW ZEALAND    DOLLAR         0.4908       0.4948       0.4926       0.5080       0.5070
  NORWAY         KRONE          8.0130       8.0560       8.0490       7.9875       7.9905
  SINGAPORE      DOLLAR         1.6780       1.6800       1.6765       1.6753       1.6743
  SOUTH AFRICA   RAND           6.1275       6.1300       6.1575       6.1420       6.1475
  SOUTH KOREA    WON         1128.00      1134.00      1135.00      1131.00      1130.50
  SRI LANKA      RUPEE         71.750       72.100       72.200       72.150       71.950
  SWEDEN         KRONA          8.4970       8.5390       8.5270       8.4690       8.5010
  SWITZERLAND    FRANC          1.5834       1.5895       1.5903       1.5758       1.5888
  TAIWAN         DOLLAR        31.650       31.650       31.700       31.680       31.680
  THAILAND       BAHT          38.570       38.650       38.430       38.030       38.200
 *UNITED KINGDOM POUND          1.6232       1.6110       1.6085       1.6123       1.6070
  VENEZUELA      BOLIVAR      643.00       644.11       644.00       644.00       644.00

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    116.30       116.51       116.47       115.99       116.14
2)MAJOR CURRENCY MAR73=100     93.47        93.78        93.84        93.26        93.58
3)OITP           JAN97=100    129.44       129.42       129.21       129.03       128.84


 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