G.5(405)                                                        October 1, 2008



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN SEPTEMBER 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       September     August        July       September

 *AUSTRALIA        DOLLAR          0.8168       0.8815       0.9620       0.8461
  BRAZIL           REAL            1.8031       1.6127       1.5900       1.9023
  CANADA           DOLLAR          1.0582       1.0535       1.0130       1.0267
  CHINA, P.R.      YUAN            6.8307       6.8462       6.8355       7.5210
  DENMARK          KRONE           5.2020       4.9894       4.7335       5.3563
 *EMU MEMBERS      EURO            1.4342       1.4955       1.5759       1.3910
  HONG KONG        DOLLAR          7.7854       7.8076       7.8001       7.7824
  INDIA            RUPEE          45.5300      42.9057      42.7027      40.1735
  JAPAN            YEN           106.5748     109.3624     106.8518     115.0435
  MALAYSIA         RINGGIT         3.4405       3.3300       3.2476       3.4691
  MEXICO           PESO           10.6633      10.1154      10.2094      11.0319
 *NEW ZEALAND      DOLLAR          0.6739       0.7091       0.7546       0.7188
  NORWAY           KRONE           5.6958       5.3331       5.1058       5.6256
  SINGAPORE        DOLLAR          1.4297       1.4052       1.3591       1.5110
  SOUTH AFRICA     RAND            8.0753       7.6651       7.6114       7.1007
  SOUTH KOREA      WON          1134.8667    1046.1143    1015.0545     928.5950
  SRI LANKA        RUPEE         107.8233     107.7181     107.6086     113.3415
  SWEDEN           KRONA           6.6816       6.2845       6.0015       6.6713
  SWITZERLAND      FRANC           1.1102       1.0841       1.0283       1.1852
  TAIWAN           DOLLAR         31.9924      31.2205      30.4141      33.0100
  THAILAND         BAHT           34.2381      33.8195      33.4705      32.0565
 *UNITED KINGDOM   POUND           1.7973       1.8865       1.9888       2.0184
  VENEZUELA        BOLIVAR         2.1446       2.1446       2.1446       2.1446

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     100.3027      97.9342      95.4015     101.9254
2)MAJOR CURRENCY   MAR73=100      75.5106      74.0869      70.9117      75.9109
3)OITP             JAN97=100     126.5348     122.9402     121.8949     129.9442


 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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