FEDERAL RESERVE STATISTICAL RELEASE                           November 28, 1997



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

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN NOVEMBER 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       November      October     September    November

 *AUSTRALIA        DOLLAR          0.6953       0.7197       0.7231       0.7968
  AUSTRIA          SCHILLING      12.181       12.360       12.568       10.640
  BELGIUM          FRANC          35.737       36.266       36.876       31.153
  CANADA           DOLLAR          1.4128       1.3869       1.3872       1.3381
  CHINA,P.R.       YUAN            8.3109       8.3135       8.3171       8.3294
  DENMARK          KRONE           6.5937       6.6922       6.8001       5.8053
 *EURO COMMUNITY   ECU             1.1419       1.1184       1.0981       1.2700
  FINLAND          MARKKA          5.2217       5.2674       5.3455       4.5512
  FRANCE           FRANC           5.8001       5.8954       6.0031       5.1156
  GERMANY          D. MARK         1.7323       1.7575       1.7862       1.5118
  GREECE           DRACHMA       271.87       276.84       281.69       238.38
  HONG KONG        DOLLAR          7.7314       7.7373       7.7440       7.7323
  INDIA            RUPEE          37.289       36.302       36.476       35.839
 *IRELAND          POUND           1.5030       1.4692       1.4806       1.6645
  ITALY            LIRA         1697.08      1721.09      1743.22      1513.66
  JAPAN            YEN           125.38       121.06       120.89       112.30
  MALAYSIA         RINGGIT         3.3791       3.2972       3.0254       2.5234
  MEXICO           PESO            8.2716       7.8708       7.7809       7.9119
  NETHERLANDS      GUILDER         1.9524       1.9800       2.0116       1.6958
 *NEW ZEALAND      DOLLAR          0.6242       0.6356       0.6360       0.7098
  NORWAY           KRONE           7.0588       7.0807       7.3008       6.3554
  PORTUGAL         ESCUDO        176.84       179.07       181.49       152.83
  SINGAPORE        DOLLAR          1.5820       1.5597       1.5164       1.4025
  SOUTH AFRICA     RAND            4.8394       4.7145       4.6890       4.6577
  SOUTH KOREA      WON          1035.22       929.42       912.50       830.56
  SPAIN            PESETA        146.30       148.32       150.75       127.28
  SRI LANKA        RUPEE          60.132       59.723       59.713       56.987
  SWEDEN           KRONA           7.5589       7.5765       7.6887       6.6269
  SWITZERLAND      FRANC           1.4069       1.4516       1.4702       1.2752
  TAIWAN           DOLLAR         31.794       29.696       28.731       27.522
  THAILAND         BAHT           39.092       37.543       35.256       25.459
 *UNITED KINGDOM   POUND           1.6889       1.6330       1.6013       1.6623

  MEMO:
**UNITED STATES    DOLLAR         96.37        97.07        98.29        86.97
 *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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