G.5(405)                                                       February 1, 2007



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JANUARY 2007 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       2007         2006         2006         2006
   COUNTRY           UNIT        January     December     November      January

 *AUSTRALIA        DOLLAR          0.7826       0.7858       0.7728       0.7505
  BRAZIL           REAL            2.1376       2.1476       2.1555       2.2666
  CANADA           DOLLAR          1.1763       1.1532       1.1359       1.1572
  CHINA, P.R.      YUAN            7.7876       7.8219       7.8622       8.0654
  DENMARK          KRONE           5.7364       5.6452       5.7858       6.1530
 *EMU MEMBERS      EURO            1.2993       1.3205       1.2888       1.2126
  HONG KONG        DOLLAR          7.8000       7.7733       7.7816       7.7537
  INDIA            RUPEE          44.21        44.48        44.73        44.20
  JAPAN            YEN           120.45       117.32       117.32       115.48
  MALAYSIA         RINGGIT         3.5065       3.5477       3.6413       3.7530
  MEXICO           PESO           10.956       10.855       10.913       10.542
 *NEW ZEALAND      DOLLAR          0.6947       0.6933       0.6693       0.6872
  NORWAY           KRONE           6.3656       6.1826       6.3991       6.6287
  SINGAPORE        DOLLAR          1.5373       1.5401       1.5558       1.6310
  SOUTH AFRICA     RAND            7.1898       7.0345       7.2455       6.0760
  SOUTH KOREA      WON           936.76       924.98       935.41       981.44
  SRI LANKA        RUPEE         108.522      107.791      107.720      102.016
  SWEDEN           KRONA           6.9901       6.8398       7.0612       7.6697
  SWITZERLAND      FRANC           1.2431       1.2099       1.2356       1.2773
  TAIWAN           DOLLAR         32.770       32.512       32.808       32.035
  THAILAND         BAHT           35.189       35.694       36.501       39.519
 *UNITED KINGDOM   POUND           1.9587       1.9629       1.9125       1.7686
  VENEZUELA        BOLIVAR      2144.60      2144.60      2144.60      2144.64

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     107.59       106.53       107.34       110.01
2)MAJOR CURRENCY   MAR73=100      82.37        80.89        81.48        84.29
3)OITP             JAN97=100     133.18       133.03       134.06       136.05


 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 "Indexes of the Foreign
 Exchange Value of the Dollar," Federal Reserve Bulletin, 91:1 (Winter 2005), pp. 1-8,
 (http://www.federalreserve.gov/pubs/bulletin/2005/winter05_index.pdf). 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 January 2007 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
                =  239.640  SLOVENIAN TOLAR

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