H.10(512)                                                                January 15, 1999  



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING JANUARY 15, 1999

 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       Jan. 11      Jan. 12      Jan. 13      Jan. 14      Jan. 15

 *AUSTRALIA      DOLLAR         0.6395       0.6401       0.6310       0.6315       0.6340
  BRAZIL         REAL           1.2099       1.2108       1.3210       1.3200       1.4800
  CANADA         DOLLAR         1.5072       1.5095       1.5300       1.5285       1.5290
  CHINA, P.R.    YUAN           8.2797       8.2795       8.2794       8.2790       8.2790
  DENMARK        KRONE          6.4520       6.4465       6.3650       6.3685       6.4220
 *EMU MEMBERS    EURO           1.1534       1.1548       1.1698       1.1689       1.1591
  GREECE         DRACHMA      281.15       280.47       278.40       278.00       279.30
  HONG KONG      DOLLAR         7.7483       7.7495       7.7457       7.7482       7.7485
  INDIA          RUPEE         42.55        42.55        42.53        42.55        42.50
  JAPAN          YEN          108.83       112.07       113.46       113.25       114.19
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.956       10.100       10.600       10.530       10.290
 *NEW ZEALAND    DOLLAR         0.5468       0.5474       0.5410       0.5390       0.5405
  NORWAY         KRONE          7.4200       7.4218       7.4725       7.4720       7.4850
  SINGAPORE      DOLLAR         1.6720       1.6800       1.6870       1.6765       1.6800
  SOUTH AFRICA   RAND           5.9800       6.0330       6.1250       6.2400       6.0800
  SOUTH KOREA    WON         1175.00      1180.00      1175.00      1187.50      1185.00
  SRI LANKA      RUPEE         68.570       68.670       68.640       68.250       68.550
  SWEDEN         KRONA          7.8510       7.8000       7.8070       7.8050       7.8740
  SWITZERLAND    FRANC          1.3963       1.3890       1.3585       1.3618       1.3785
  TAIWAN         DOLLAR        32.200       32.260       32.230       32.330       32.260
  THAILAND       BAHT          36.280       36.460       37.050       37.050       36.550
 *UNITED KINGDOM POUND          1.6375       1.6308       1.6493       1.6530       1.6500
  VENEZUELA      BOLIVAR      567.25       567.75       568.50       569.30       570.71

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    113.20       113.91       114.87       114.79       115.10
2)MAJOR CURRENCY MAR73=100     91.39        92.09        92.30        92.24        92.72
3)OITP           JAN97=100    126.92       127.50       129.59       129.51       129.44


 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.

 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.

 As of the January 11, 1999 release, the euro is reported in place of the individual euro-area
 currencies. These currency rates can be derived from the euro rate by using the fixed conversion
 rates (in currencies per euro) given below:

        1  EUR  =  40.3399  BELGIAN FRANCS
                =  1.95583  GERMAN MARKS
                =  166.386  SPANISH PESETAS
                =  6.55957  FRENCH FRANCS
                =  .787564  IRISH POUNDS
                =  1936.27  ITALIAN LIRE
                =  40.3399  LUXEMBOURG FRANCS
                =  2.20371  DUTCH GUILDERS
                =  13.7603  AUSTRIAN SCHILLINGS
                =  200.482  PORTUGUESE ESCUDOS
                =  5.94573  FINNISH MARKKAS