1FEDERAL RESERVE STATISTICAL RELEASE                               July 31, 1998



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

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 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         July         June          May         July

 *AUSTRALIA        DOLLAR          0.6180       0.6046       0.6312       0.7420
  AUSTRIA          SCHILLING      12.650       12.615       12.491       12.620
  BELGIUM          FRANC          37.074       36.981       36.624       37.040
  CANADA           DOLLAR          1.4869       1.4655       1.4452       1.3775
  CHINA,P.R.       YUAN            8.3100       8.3100       8.3084       8.3162
  DENMARK          KRONE           6.8499       6.8294       6.7662       6.8317
 *EURO COMMUNITY   ECU             1.0990       1.1016       1.1096       1.0998
  FINLAND          MARKKA          5.4653       5.4503       5.3966       5.3164
  FRANCE           FRANC           6.0280       6.0118       5.9528       6.0511
  GERMANY          D. MARK         1.7976       1.7928       1.7753       1.7939
  GREECE           DRACHMA       299.35       304.24       307.22       281.43
  HONG KONG        DOLLAR          7.7483       7.7471       7.7490       7.7454
  INDIA            RUPEE          42.612       42.367       40.469       35.747
 *IRELAND          POUND           1.3988       1.4051       1.4174       1.4945
  ITALY            LIRA         1772.42      1766.32      1750.79      1745.91
  JAPAN            YEN           140.79       140.33       134.90       115.38
  MALAYSIA         RINGGIT         4.1591       4.0006       3.8204       2.5815
  MEXICO           PESO            8.8990       8.9200       8.5848       7.8679
  NETHERLANDS      GUILDER         2.0267       2.0208       2.0005       2.0201
 *NEW ZEALAND      DOLLAR          0.5185       0.5123       0.5388       0.6610
  NORWAY           KRONE           7.6246       7.5785       7.4539       7.4545
  PORTUGAL         ESCUDO        183.93       183.58       181.87       181.20
  SINGAPORE        DOLLAR          1.7085       1.6941       1.6374       1.4521
  SOUTH AFRICA     RAND            6.2285       5.3910       5.0927       4.5611
  SOUTH KOREA      WON          1295.76      1397.77      1399.05       893.09
  SPAIN            PESETA        152.58       152.18       150.81       151.33
  SRI LANKA        RUPEE          65.908       65.150       64.261       58.732
  SWEDEN           KRONA           7.9942       7.9174       7.7026       7.8188
  SWITZERLAND      FRANC           1.5136       1.4949       1.4790       1.4824
  TAIWAN           DOLLAR         34.387       34.553       33.466       28.032
  THAILAND         BAHT           41.300       42.332       39.198       30.274
 *UNITED KINGDOM   POUND           1.6437       1.6504       1.6382       1.6694

  MEMO:
**UNITED STATES    DOLLAR        101.38       100.90        99.61        97.48
 *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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