1FEDERAL RESERVE STATISTICAL RELEASE                                July 1, 1997



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

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JUNE 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         June          May         April        June

 *AUSTRALIA        DOLLAR          0.7542       0.7751       0.7787       0.7912
  AUSTRIA          SCHILLING      12.158       11.998       12.050       10.755
  BELGIUM          FRANC          35.659       35.188       35.328       31.433
  CANADA           DOLLAR          1.3842       1.3804       1.3942       1.3658
  CHINA,P.R.       YUAN            8.3224       8.3229       8.3257       8.3424
  DENMARK          KRONE           6.5804       6.4926       6.5226       5.8941
 *EURO COMMUNITY   ECU             1.1304       1.1431       1.1396       1.2379
  FINLAND          MARKKA          5.1794       5.1444       5.1375       4.6710
  FRANCE           FRANC           5.8307       5.7482       5.7672       5.1787
  GERMANY          D. MARK         1.7281       1.7048       1.7119       1.5282
  GREECE           DRACHMA       273.83       271.95       270.58       241.75
  HONG KONG        DOLLAR          7.7445       7.7431       7.7483       7.7404
  INDIA            RUPEE          35.820       35.825       35.828       35.100
 *IRELAND          POUND           1.5060       1.5111       1.5505       1.5831
  ITALY            LIRA         1694.99      1684.33      1694.52      1542.30
  JAPAN            YEN           114.35       119.19       125.64       108.96
  MALAYSIA         RINGGIT         2.5167       2.5070       2.5028       2.4967
  MEXICO           PESO            7.9498       7.9037       7.9059       7.5648
  NETHERLANDS      GUILDER         1.9443       1.9173       1.9256       1.7120
 *NEW ZEALAND      DOLLAR          0.6871       0.6910       0.6922       0.6765
  NORWAY           KRONE           7.2240       7.0797       6.9932       6.5376
  PORTUGAL         ESCUDO        174.56       171.72       171.77       157.40
  SINGAPORE        DOLLAR          1.4271       1.4368       1.4417       1.4090
  SOUTH AFRICA     RAND            4.5005       4.4668       4.4417       4.3519
  SOUTH KOREA      WON           891.40       894.67       895.57       798.45
  SPAIN            PESETA        145.98       143.93       144.48       128.87
  SRI LANKA        RUPEE          58.531       58.862       58.825       55.529
  SWEDEN           KRONA           7.7518       7.6856       7.6942       6.6807
  SWITZERLAND      FRANC           1.4427       1.4331       1.4618       1.2579
  TAIWAN           DOLLAR         27.903       27.791       27.629       27.674
  THAILAND         BAHT           24.534       25.750       26.064       25.354
 *UNITED KINGDOM   POUND           1.6447       1.6322       1.6293       1.5416

  MEMO:
**UNITED STATES    DOLLAR         95.44        95.29        96.39        88.16
 *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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