G.5(405)                                                       February 1, 2006



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN JANUARY 2006 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.


                                (Currency units per U.S. dollar except as noted)


                   MONETARY       2006         2005         2005         2005
   COUNTRY           UNIT        January     December     November      January

 *AUSTRALIA        DOLLAR          0.7505       0.7423       0.7353       0.7668
  BRAZIL           REAL            2.2666       2.2809       2.2109       2.6895
  CANADA           DOLLAR          1.1572       1.1615       1.1815       1.2248
  CHINA, P.R.      YUAN            8.0654       8.0755       8.0840       8.2765
  DENMARK          KRONE           6.1530       6.2844       6.3277       5.6699
 *EMU MEMBERS      EURO            1.2126       1.1861       1.1789       1.3123
  HONG KONG        DOLLAR          7.7537       7.7531       7.7538       7.7948
  INDIA            RUPEE          44.20        45.56        45.63        43.62
  JAPAN            YEN           115.48       118.46       118.45       103.34
  MALAYSIA         RINGGIT         3.7530       3.7780       3.7782       3.8000
  MEXICO           PESO           10.542       10.627       10.672       11.263
 *NEW ZEALAND      DOLLAR          0.6872       0.6947       0.6897       0.7065
  NORWAY           KRONE           6.6287       6.7242       6.6399       6.2672
  SINGAPORE        DOLLAR          1.6310       1.6738       1.6981       1.6377
  SOUTH AFRICA     RAND            6.0760       6.3480       6.6554       5.9587
  SOUTH KOREA      WON           981.44      1022.38      1040.76      1037.98
  SRI LANKA        RUPEE         102.016      101.977      101.800       98.929
  SWEDEN           KRONA           7.6697       7.9518       8.1157       6.8991
  SWITZERLAND      FRANC           1.2773       1.3053       1.3110       1.1792
  TAIWAN           DOLLAR         32.035       33.286       33.580       31.847
  THAILAND         BAHT           39.519       41.076       41.097       38.739
 *UNITED KINGDOM   POUND           1.7686       1.7458       1.7349       1.8797
  VENEZUELA        BOLIVAR      2144.64      2144.62      2144.66      1915.20

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     110.18       111.79       112.51       109.45
2)MAJOR CURRENCY   MAR73=100      84.44        85.83        86.58        81.05
3)OITP             JAN97=100     136.02       137.72       138.26       140.45


 This release is available online at http://www.federalreserve.gov/releases/G5.

 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/). Weights for the broad index can be
 found at http://www.federalreserve.gov/releases/H10/Weights; weights for the major currencies
 index and the other important trading partners (OITP) index are derived from the broad index
 weights. The most recent annual revision to the trade weights and the dollar indexes took effect
 with the December 2005 release of this report.  The source for exchange rates not listed in the
 table above but used in the calculation of the broad and OITP indexes is Bloomberg.

 *  U.S. dollars per currency unit.
 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.

 The euro is reported in place of the individual eure-area currencies. These currency rates
 can be derived from the dollar/euro rate by using the fixed conversion rates (in currencies
 per euro) given below:

        1 EURO  =  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
                =  340.750  GREEK DRACHMAS

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