G.5(405) June 30, 1999 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JUNE 1999 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 1999 1999 1999 1998 COUNTRY UNIT June May April June *AUSTRALIA DOLLAR 0.6563 0.6628 0.6420 0.6046 AUSTRIA SCHILLING N.A. N.A. N.A. 12.615 BELGIUM FRANC N.A. N.A. N.A. 36.98 BRAZIL REAL 1.7669 1.6853 1.7025 1.1543 CANADA DOLLAR 1.4695 1.4611 1.4881 1.4655 CHINA, P.R. YUAN 8.2780 8.2785 8.2792 8.3100 DENMARK KRONE 7.1643 6.9925 6.9475 6.8294 *EMU MEMBERS EURO 1.0377 1.0630 1.0701 N.A. *EURO COMMUNITY ECU N.A. N.A. N.A. 1.1016 FINLAND MARKKA N.A. N.A. N.A. 5.4503 FRANCE FRANC N.A. N.A. N.A. 6.0118 GERMANY D. MARK N.A. N.A. N.A. 1.7928 GREECE DRACHMA 312.49 305.96 304.26 304.24 HONG KONG DOLLAR 7.7575 7.7531 7.7495 7.7471 INDIA RUPEE 43.21 42.86 42.80 42.37 *IRELAND POUND N.A. N.A. N.A. 1.4051 ITALY LIRA N.A. N.A. N.A. 1766.32 JAPAN YEN 120.72 122.00 119.77 140.33 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 4.0006 MEXICO PESO 9.515 9.395 9.430 8.920 NETHERLANDS GUILDER N.A. N.A. N.A. 2.0208 *NEW ZEALAND DOLLAR 0.5325 0.5530 0.5427 0.5123 NORWAY KRONE 7.8749 7.7496 7.7750 7.5785 PORTUGAL ESCUDO N.A. N.A. N.A. 183.58 SINGAPORE DOLLAR 1.7107 1.7122 1.7134 1.6941 SOUTH AFRICA RAND 6.0880 6.1809 6.1186 5.3910 SOUTH KOREA WON 1168.91 1197.92 1209.96 1397.77 SPAIN PESETA N.A. N.A. N.A. 152.18 SRI LANKA RUPEE 71.211 70.581 69.588 65.150 SWEDEN KRONA 8.5065 8.4432 8.3293 7.9174 SWITZERLAND FRANC 1.5374 1.5078 1.4971 1.4949 TAIWAN DOLLAR 32.525 32.791 32.965 34.553 THAILAND BAHT 36.925 37.051 37.631 42.332 *UNITED KINGDOM POUND 1.5950 1.6154 1.6089 1.6504 VENEZUELA BOLIVAR 603.29 596.48 587.79 543.82 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 117.45 116.91 117.15 117.87 2)MAJOR CURRENCY MAR73=100 96.56 95.79 95.76 98.68 3)OITP JAN97=100 128.56 128.55 129.24 125.97 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 January 1, 1999, the euro is reported in place of the individual eure-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 = 13.7603 AUSTRIAN SCHILLINGS = 40.3399 BELGIAN FRANCS = 5.94573 FINNISH MARKKAS = 6.55957 FRENCH FRANCS = 1.95583 GERMAN MARKS = .787564 IRISH POUNDS = 1936.27 ITALIAN LIRE = 40.3399 LUXEMBOURG FRANCS = 2.20371 NETHERLANDS GUILDERS = 200.482 PORTUGUESE ESCUDOS = 166.386 SPANISH PESETAS