H.10(512) May 14, 1999 FOREIGN EXCHANGE RATES FOR THE WEEK ENDING MAY 14, 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 May. 10 May. 11 May. 12 May. 13 May. 14 *AUSTRALIA DOLLAR 0.6688 0.6712 0.6670 0.6679 0.6648 BRAZIL REAL 1.6530 1.6490 1.6600 1.6550 1.6580 CANADA DOLLAR 1.4605 1.4538 1.4608 1.4598 1.4635 CHINA, P.R. YUAN 8.2787 8.2782 8.2783 8.2778 8.2784 DENMARK KRONE 6.8830 6.9310 6.9705 6.9940 6.9785 *EMU MEMBERS EURO 1.0787 1.0720 1.0666 1.0626 1.0650 GREECE DRACHMA 302.00 303.33 304.70 305.70 305.25 HONG KONG DOLLAR 7.7510 7.7515 7.7520 7.7518 7.7525 INDIA RUPEE 42.80 42.80 42.80 42.80 42.83 JAPAN YEN 120.68 120.96 120.86 121.67 122.64 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 3.8000 3.8000 MEXICO PESO 9.299 9.256 9.324 9.268 9.368 *NEW ZEALAND DOLLAR 0.5600 0.5621 0.5600 0.5595 0.5578 NORWAY KRONE 7.6155 7.6690 7.7060 7.7180 7.7050 SINGAPORE DOLLAR 1.6987 1.6972 1.7003 1.7060 1.7140 SOUTH AFRICA RAND 6.1720 6.1660 6.2075 6.2160 6.2235 SOUTH KOREA WON 1201.20 1199.00 1206.00 1206.50 1208.00 SRI LANKA RUPEE 70.100 70.350 70.570 70.740 70.950 SWEDEN KRONA 8.2885 8.3580 8.3950 8.4250 8.4175 SWITZERLAND FRANC 1.4895 1.4998 1.5025 1.5080 1.5058 TAIWAN DOLLAR 32.830 32.740 32.740 32.750 32.790 THAILAND BAHT 36.800 36.790 36.820 37.050 37.220 *UNITED KINGDOM POUND 1.6300 1.6215 1.6193 1.6190 1.6175 VENEZUELA BOLIVAR 596.15 594.00 596.35 596.00 596.25 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 116.04 116.11 116.49 116.66 116.97 2)MAJOR CURRENCY MAR73=100 94.96 95.11 95.41 95.67 95.89 3)OITP JAN97=100 127.81 127.71 128.16 128.13 128.52 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