G.5(405)                                                           June 2, 2008



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN MAY 2008 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       2008         2008         2008         2007
   COUNTRY           UNIT          May         April        March         May

 *AUSTRALIA        DOLLAR          0.9492       0.9309       0.9221       0.8254
  BRAZIL           REAL            1.6585       1.6863       1.7090       1.9836
  CANADA           DOLLAR          0.9993       1.0137       1.0029       1.0951
  CHINA, P.R.      YUAN            6.9725       6.9997       7.0722       7.6773
  DENMARK          KRONE           4.7963       4.7354       4.8043       5.5120
 *EMU MEMBERS      EURO            1.5554       1.5754       1.5520       1.3518
  HONG KONG        DOLLAR          7.7988       7.7910       7.7813       7.8187
  INDIA            RUPEE          42.0019      39.9668      40.1452      40.5686
  JAPAN            YEN           104.3595     102.6777     100.7562     120.7732
  MALAYSIA         RINGGIT         3.2127       3.1604       3.1841       3.4002
  MEXICO           PESO           10.4381      10.5146      10.7328      10.8221
 *NEW ZEALAND      DOLLAR          0.7777       0.7897       0.8004       0.7334
  NORWAY           KRONE           5.0571       5.0541       5.1495       6.0220
  SINGAPORE        DOLLAR          1.3659       1.3643       1.3843       1.5231
  SOUTH AFRICA     RAND            7.6076       7.7585       7.9921       7.0148
  SOUTH KOREA      WON          1034.1333     986.8636     981.7348     927.5636
  SRI LANKA        RUPEE         107.7705     107.7791     107.6838     110.7995
  SWEDEN           KRONA           5.9887       5.9470       6.0613       6.8094
  SWITZERLAND      FRANC           1.0448       1.0138       1.0126       1.2211
  TAIWAN           DOLLAR         30.5890      30.3555      30.5771      33.2777
  THAILAND         BAHT           32.0262      31.5582      31.4043      32.8177
 *UNITED KINGDOM   POUND           1.9650       1.9816       2.0015       1.9842
  VENEZUELA        BOLIVAR         2.1446       2.1446       2.1446       2.1446

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100      95.8313      95.4757      95.7660     104.3955
2)MAJOR CURRENCY   MAR73=100      70.7486      70.4683      70.3205      79.2003
3)OITP             JAN97=100     123.3326     122.9073     123.9649     130.4777


 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 "Indexes of the Foreign
 Exchange Value of the Dollar," Federal Reserve Bulletin, 91:1 (Winter 2005), pp. 1-8,
 (http://www.federalreserve.gov/pubs/bulletin/2005/winter05_index.pdf). 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 January 2007 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
                =  239.640  SLOVENIAN TOLAR

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