G.5(405) July 30, 1999 FOREIGN EXCHANGE RATES THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JULY 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 July June May July *AUSTRALIA DOLLAR 0.6562 0.6563 0.6628 0.6180 AUSTRIA SCHILLING N.A. N.A. N.A. 12.650 BELGIUM FRANC N.A. N.A. N.A. 37.07 BRAZIL REAL 1.8023 1.7669 1.6853 1.1614 CANADA DOLLAR 1.4890 1.4695 1.4611 1.4869 CHINA, P.R. YUAN 8.2776 8.2780 8.2785 8.3100 DENMARK KRONE 7.1792 7.1643 6.9925 6.8499 *EMU MEMBERS EURO 1.0370 1.0377 1.0630 N.A. *EURO COMMUNITY ECU N.A. N.A. N.A. 1.0990 FINLAND MARKKA N.A. N.A. N.A. 5.4653 FRANCE FRANC N.A. N.A. N.A. 6.0280 GERMANY D. MARK N.A. N.A. N.A. 1.7976 GREECE DRACHMA 313.52 312.49 305.96 299.35 HONG KONG DOLLAR 7.7603 7.7575 7.7531 7.7483 INDIA RUPEE 43.36 43.21 42.86 42.61 *IRELAND POUND N.A. N.A. N.A. 1.3988 ITALY LIRA N.A. N.A. N.A. 1772.42 JAPAN YEN 119.33 120.72 122.00 140.79 MALAYSIA RINGGIT 3.8000 3.8000 3.8000 4.1591 MEXICO PESO 9.370 9.515 9.395 8.899 NETHERLANDS GUILDER N.A. N.A. N.A. 2.0267 *NEW ZEALAND DOLLAR 0.5261 0.5325 0.5530 0.5185 NORWAY KRONE 7.9029 7.8749 7.7496 7.6246 PORTUGAL ESCUDO N.A. N.A. N.A. 183.93 SINGAPORE DOLLAR 1.6958 1.7107 1.7122 1.7085 SOUTH AFRICA RAND 6.1182 6.0880 6.1809 6.2285 SOUTH KOREA WON 1189.10 1168.91 1197.92 1295.76 SPAIN PESETA N.A. N.A. N.A. 152.58 SRI LANKA RUPEE 71.912 71.211 70.581 65.908 SWEDEN KRONA 8.4431 8.5065 8.4432 7.9942 SWITZERLAND FRANC 1.5474 1.5374 1.5078 1.5136 TAIWAN DOLLAR 32.338 32.525 32.791 34.387 THAILAND BAHT 37.143 36.925 37.051 41.300 *UNITED KINGDOM POUND 1.5751 1.5950 1.6154 1.6437 VENEZUELA BOLIVAR 611.17 603.29 596.48 558.47 MEMO: UNITED STATES DOLLAR 1)BROAD JAN97=100 117.48 117.45 116.91 118.17 2)MAJOR CURRENCY MAR73=100 96.78 96.56 95.79 99.31 3)OITP JAN97=100 128.26 128.56 128.55 125.64 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