1FEDERAL RESERVE STATISTICAL RELEASE                                May 30, 1997



 G.5(405)                  FOREIGN EXCHANGE RATES FOR THE MONTH ENDING  MAY 1997

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN MAY 1997 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.


                                      (RATES IN CURRENCY UNITS PER DOLLAR)


                   MONETARY       1997         1997         1997         1996
    COUNTRY          UNIT          May         April        March         May

 *AUSTRALIA        DOLLAR          0.7751       0.7787       0.7875       0.7970
  AUSTRIA          SCHILLING      11.998       12.050       11.931       10.782
  BELGIUM          FRANC          35.188       35.328       34.961       31.502
  CANADA           DOLLAR          1.3804       1.3942       1.3725       1.3693
  CHINA,P.R.       YUAN            8.3229       8.3257       8.3258       8.3479
  DENMARK          KRONE           6.4926       6.5226       6.4628       5.9160
 *EURO COMMUNITY   ECU             1.1431       1.1396       1.1458       1.2283
  FINLAND          MARKKA          5.1444       5.1375       5.0632       4.7541
  FRANCE           FRANC           5.7482       5.7672       5.7154       5.1855
  GERMANY          D. MARK         1.7048       1.7119       1.6946       1.5324
  GREECE           DRACHMA       271.95       270.58       266.86       243.27
  HONG KONG        DOLLAR          7.7431       7.7483       7.7460       7.7363
  INDIA            RUPEE          35.825       35.828       35.885       35.025
 *IRELAND          POUND           1.5111       1.5505       1.5657       1.5629
  ITALY            LIRA         1684.33      1694.52      1691.21      1556.71
  JAPAN            YEN           119.19       125.64       122.77       106.34
  MALAYSIA         RINGGIT         2.5070       2.5028       2.4773       2.4936
  MEXICO           PESO            7.9037       7.9059       7.9562       7.4368
  NETHERLANDS      GUILDER         1.9173       1.9256       1.9071       1.7135
 *NEW ZEALAND      DOLLAR          0.6910       0.6922       0.6979       0.6857
  NORWAY           KRONE           7.0797       6.9932       6.7915       6.5748
  PORTUGAL         ESCUDO        171.72       171.77       170.35       157.54
  SINGAPORE        DOLLAR          1.4368       1.4417       1.4378       1.4074
  SOUTH AFRICA     RAND            4.4668       4.4417       4.4319       4.3729
  SOUTH KOREA      WON           894.67       895.57       882.62       780.86
  SPAIN            PESETA        143.93       144.48       143.72       127.97
  SRI LANKA        RUPEE          58.862       58.825       57.873       54.868
  SWEDEN           KRONA           7.6856       7.6942       7.6502       6.7984
  SWITZERLAND      FRANC           1.4331       1.4618       1.4634       1.2539
  TAIWAN           DOLLAR         27.791       27.629       27.551       27.352
  THAILAND         BAHT           25.750       26.064       25.959       25.289
 *UNITED KINGDOM   POUND           1.6322       1.6293       1.6096       1.5152

  MEMO:
**UNITED STATES    DOLLAR         95.29        96.39        95.60        88.28
 *VALUE IS U.S. DOLLARS
 **INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER
 G-10 COUNTRIES.  MARCH 1973 = 100.  WEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE
 10 COUNTRIES.  SERIES REVISED AS OF AUGUST 1978.  FOR  DESCRIPTION AND BACK DATA, SEE
 "INDEX OF THE WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE
 700 OF THE AUGUST 1978 FEDERAL RESERVE BULLETIN.

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