1FEDERAL RESERVE STATISTICAL RELEASE                               July 31, 1997



 G.5(405)                 FOREIGN EXCHANGE RATES FOR THE MONTH ENDING  JULY 1997

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 1997 TOGETHER
 WITH COMPARABLE FIGURES FOR OTHER MONTHS. AVERAGES ARE BASED ON DAILY NOON BUYING
 RATES FOR CABLE TRANSFERS IN NEW YORK CITY CERTIFIED FOR CUSTOMS PURPOSES BY
 THE FEDERAL RESERVE BANK OF NEW YORK.


                                      (RATES IN CURRENCY UNITS PER DOLLAR)


                   MONETARY       1997         1997         1997         1996
    COUNTRY          UNIT         July         June          May         July

 *AUSTRALIA        DOLLAR          0.7420       0.7542       0.7751       0.7897
  AUSTRIA          SCHILLING      12.620       12.158       11.998       10.576
  BELGIUM          FRANC          37.040       35.659       35.188       30.947
  CANADA           DOLLAR          1.3775       1.3842       1.3804       1.3697
  CHINA,P.R.       YUAN            8.3162       8.3224       8.3229       8.3409
  DENMARK          KRONE           6.8317       6.5804       6.4926       5.7948
 *EURO COMMUNITY   ECU             1.0998       1.1304       1.1431       1.2570
  FINLAND          MARKKA          5.3164       5.1794       5.1444       4.5812
  FRANCE           FRANC           6.0511       5.8307       5.7482       5.0881
  GERMANY          D. MARK         1.7939       1.7281       1.7048       1.5025
  GREECE           DRACHMA       281.43       273.83       271.95       237.65
  HONG KONG        DOLLAR          7.7454       7.7445       7.7431       7.7379
  INDIA            RUPEE          35.747       35.820       35.825       35.667
 *IRELAND          POUND           1.4945       1.5060       1.5111       1.6031
  ITALY            LIRA         1745.91      1694.99      1684.33      1526.82
  JAPAN            YEN           115.38       114.35       119.19       109.19
  MALAYSIA         RINGGIT         2.5815       2.5167       2.5070       2.4915
  MEXICO           PESO            7.8679       7.9498       7.9037       7.6179
  NETHERLANDS      GUILDER         2.0201       1.9443       1.9173       1.6862
 *NEW ZEALAND      DOLLAR          0.6610       0.6871       0.6910       0.6900
  NORWAY           KRONE           7.4545       7.2240       7.0797       6.4465
  PORTUGAL         ESCUDO        181.20       174.56       171.72       154.56
  SINGAPORE        DOLLAR          1.4521       1.4271       1.4368       1.4160
  SOUTH AFRICA     RAND            4.5611       4.5005       4.4668       4.3963
  SOUTH KOREA      WON           893.09       891.40       894.67       813.03
  SPAIN            PESETA        151.33       145.98       143.93       126.96
  SRI LANKA        RUPEE          58.732       58.531       58.862       55.293
  SWEDEN           KRONA           7.8188       7.7518       7.6856       6.6394
  SWITZERLAND      FRANC           1.4824       1.4427       1.4331       1.2320
  TAIWAN           DOLLAR         28.032       27.903       27.791       27.573
  THAILAND         BAHT           30.274       24.534       25.750       25.355
 *UNITED KINGDOM   POUND           1.6691       1.6447       1.6322       1.5530

  MEMO:
**UNITED STATES    DOLLAR         97.49        95.44        95.29        87.25
 *VALUE IS U.S. DOLLARS
 **INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER
 G-10 COUNTRIES.  MARCH 1973 = 100.  WEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE
 10 COUNTRIES.  SERIES REVISED AS OF AUGUST 1978.  FOR  DESCRIPTION AND BACK DATA, SEE
 "INDEX OF THE WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE
 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN.

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