FEDERAL RESERVE STATISTICAL RELEASE                               June 30, 1998



 G.5(405)                 FOREIGN EXCHANGE RATES FOR THE MONTH ENDING  JUNE 1998

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JUNE 1998 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       1998         1998         1998         1997
    COUNTRY          UNIT         June          May         April        June

 *AUSTRALIA        DOLLAR          0.6046       0.6312       0.6523       0.7542
  AUSTRIA          SCHILLING      12.615       12.491       12.760       12.158
  BELGIUM          FRANC          36.981       36.624       37.423       35.650
  CANADA           DOLLAR          1.4655       1.4452       1.4298       1.3843
  CHINA,P.R.       YUAN            8.3100       8.3084       8.3058       8.3224
  DENMARK          KRONE           6.8294       6.7662       6.9174       6.5804
 *EURO COMMUNITY   ECU             1.1016       1.1096       1.0927       1.1304
  FINLAND          MARKKA          5.4503       5.3966       5.5053       5.1794
  FRANCE           FRANC           6.0118       5.9528       6.0782       5.8293
  GERMANY          D. MARK         1.7928       1.7753       1.8132       1.7277
  GREECE           DRACHMA       304.24       307.22       315.82       273.83
  HONG KONG        DOLLAR          7.7471       7.7490       7.7497       7.7445
  INDIA            RUPEE          42.367       40.469       39.703       35.820
 *IRELAND          POUND           1.4051       1.4174       1.3894       1.5060
  ITALY            LIRA         1766.32      1750.79      1791.24      1694.54
  JAPAN            YEN           140.33       134.90       131.75       114.29
  MALAYSIA         RINGGIT         4.0006       3.8204       3.7376       2.5167
  MEXICO           PESO            8.9200       8.5848       8.5017       7.9498
  NETHERLANDS      GUILDER         2.0208       2.0005       2.0422       1.9438
 *NEW ZEALAND      DOLLAR          0.5123       0.5388       0.5534       0.6871
  NORWAY           KRONE           7.5785       7.4539       7.5315       7.2240
  PORTUGAL         ESCUDO        183.58       181.87       185.81       174.56
  SINGAPORE        DOLLAR          1.6941       1.6374       1.6007       1.4271
  SOUTH AFRICA     RAND            5.3910       5.0927       5.0459       4.5005
  SOUTH KOREA      WON          1397.77      1399.05      1391.55       891.40
  SPAIN            PESETA        152.18       150.81       153.99       145.98
  SRI LANKA        RUPEE          65.150       64.261       62.903       58.531
  SWEDEN           KRONA           7.9174       7.7026       7.8238       7.7506
  SWITZERLAND      FRANC           1.4949       1.4790       1.5051       1.4424
  TAIWAN           DOLLAR         34.553       33.466       33.015       27.903
  THAILAND         BAHT           42.332       39.198       39.654       24.534
 *UNITED KINGDOM   POUND           1.6504       1.6382       1.6723       1.6449

  MEMO:
**UNITED STATES    DOLLAR        100.90        99.61       100.30        95.42
 *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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