H.10(512)                                                               December 28, 1998



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING DECEMBER 25, 1998

 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. 21      Dec. 22      Dec. 23      Dec. 24      Dec. 25

 *AUSTRALIA      DOLLAR         0.6170       0.6145       0.6114       0.6110
  AUSTRIA        SCHILLING     11.768       11.780       11.771       11.838
  BELGIUM        FRANC         34.51        34.53        34.51        34.71
  BRAZIL         REAL           1.2090       1.2072       1.2075       1.2075
  CANADA         DOLLAR         1.5494       1.5530       1.5516       1.5515
  CHINA,P.R.     YUAN           8.2779       8.2782       8.2781       8.2785
  DENMARK        KRONE          6.3640       6.3700       6.3725       6.4030
 *EURO COMMUNITY ECU            1.1743       1.1732       1.1739       1.1670
  FINLAND        MARKKA         5.0880       5.0900       5.0930       5.1170
  FRANCE         FRANC          5.6110       5.6145       5.6100       5.6434
  GERMANY        D. MARK        1.6737       1.6745       1.6750       1.6840        H
  GREECE         DRACHMA      280.66       280.89       281.00       282.10
  HONG KONG      DOLLAR         7.7455       7.7433       7.7440       7.7470
  INDIA          RUPEE         42.58        42.58        42.55        42.60          O
 *IRELAND        POUND          1.4846       1.4832       1.4845       1.4760
  ITALY          LIRA        1656.95      1658.40      1656.80      1665.75
  JAPAN          YEN          116.08       116.85       116.02       116.24          L
  MALAYSIA       RINGGIT        3.7999       3.8003       3.8000       3.8100
  MEXICO         PESO           9.759        9.805        9.820        9.885
  NETHERLANDS    GUILDER        1.8855       1.8868       1.8855       1.8968        I
 *NEW ZEALAND    DOLLAR         0.5200       0.5183       0.5237       0.5235
  NORWAY         KRONE          7.6900       7.6760       7.6625       7.6380
  PORTUGAL       ESCUDO       171.53       171.67       171.53       172.58          D
  SINGAPORE      DOLLAR         1.6510       1.6520       1.6535       1.6570
  SOUTH AFRICA   RAND           5.9095       5.9250       5.9250       5.9200
  SOUTH KOREA    WON         1196.00      1204.00      1209.00      1208.50          A
  SPAIN          PESETA       142.360      142.470      142.380      143.230
  SRI LANKA      RUPEE         68.120       68.250       68.280       68.330
  SWEDEN         KRONA          8.0450       8.0300       8.0350       8.0720        Y
  SWITZERLAND    FRANC          1.3630       1.3655       1.3630       1.3760
  TAIWAN         DOLLAR        32.300       32.300       32.350       32.300
  THAILAND       BAHT          36.260       36.380       36.400       36.450
 *UNITED KINGDOM POUND          1.6800       1.6775       1.6767       1.6723
  VENEZUELA      BOLIVAR      563.00       563.50       563.50       564.50

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    114.32       114.57       114.48       114.72
2)MAJOR CURRENCY MAR73=100     93.34        93.61        93.41        93.66
3)OITP           JAN97=100    126.28       126.46       126.58       126.75
4)G-10           MAR73=100     94.58        94.74        94.62        95.03

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

 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/; weights for
 the major currencies index and the other important trading partners (OITP) index are derived
 from the broad index weights.

 *  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.
 4) A weighted average of the foreign exchange value of the U.S. dollar against the currencies
 of the other G-10 countries. We will discontinue publication of this series after December 1998.

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 please call publication services at Federal Reserve Board at (202) 452-3244.