G.5(405)                                                         August 1, 2006



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 2006 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.


                                (Currency units per U.S. dollar except as noted)


                   MONETARY       2006         2006         2006         2005
   COUNTRY           UNIT         July         June          May         July

 *AUSTRALIA        DOLLAR          0.7528       0.7399       0.7639       0.7524
  BRAZIL           REAL            2.1883       2.2493       2.1697       2.3702
  CANADA           DOLLAR          1.1294       1.1137       1.1100       1.2229
  CHINA, P.R.      YUAN            7.9897       8.0042       8.0131       8.2264
  DENMARK          KRONE           5.8826       5.8897       5.8398       6.1943
 *EMU MEMBERS      EURO            1.2681       1.2661       1.2767       1.2041
  HONG KONG        DOLLAR          7.7734       7.7636       7.7538       7.7751
  INDIA            RUPEE          46.37        45.89        45.20        43.43
  JAPAN            YEN           115.77       114.63       111.73       111.95
  MALAYSIA         RINGGIT         3.6679       3.6638       3.6091       3.7872
  MEXICO           PESO           10.983       11.393       11.091       10.672
 *NEW ZEALAND      DOLLAR          0.6178       0.6190       0.6311       0.6789
  NORWAY           KRONE           6.2617       6.2070       6.1040       6.5783
  SINGAPORE        DOLLAR          1.5837       1.5912       1.5755       1.6815
  SOUTH AFRICA     RAND            7.0688       6.9738       6.3128       6.6966
  SOUTH KOREA      WON           950.81       954.45       940.82      1036.56
  SRI LANKA        RUPEE         103.957      103.525      102.838      100.283
  SWEDEN           KRONA           7.2654       7.2949       7.3050       7.8263
  SWITZERLAND      FRANC           1.2376       1.2321       1.2190       1.2945
  TAIWAN           DOLLAR         32.617       32.440       31.737       31.886
  THAILAND         BAHT           37.969       38.349       37.947       41.700
 *UNITED KINGDOM   POUND           1.8443       1.8435       1.8687       1.7507
  VENEZUELA        BOLIVAR      2144.57      2144.60      2144.55      2144.60

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     108.51       108.76       107.45       112.12
2)MAJOR CURRENCY   MAR73=100      82.09        81.67        80.78        85.73
3)OITP             JAN97=100     135.91       137.38       135.56       138.78


 This release is available online at http://www.federalreserve.gov/releases/G5.

 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/). Weights for the 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 and the dollar indexes took effect
 with the December 2005 release of this report.  The source for exchange rates not listed in the
 table above but used in the calculation of the broad and OITP indexes is Bloomberg.

 *  U.S. dollars per currency unit.
 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.

 The euro is reported in place of the individual eure-area currencies. These currency rates
 can be derived from the dollar/euro rate by using the fixed conversion rates (in currencies
 per euro) given below:

        1 EURO  =  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
                =  340.750  GREEK DRACHMAS

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