G.5(405)                                                       December 1, 2008



 FOREIGN EXCHANGE RATES

 THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN NOVEMBER 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       November      October     September    November

 *AUSTRALIA        DOLLAR          0.6591       0.6870       0.8168       0.8961
  BRAZIL           REAL            2.2704       2.1810       1.8031       1.7669
  CANADA           DOLLAR          1.2171       1.1847       1.0582       0.9672
  CHINA, P.R.      YUAN            6.8281       6.8358       6.8307       7.4210
  DENMARK          KRONE           5.8448       5.6253       5.2020       5.0766
 *EMU MEMBERS      EURO            1.2744       1.3266       1.4342       1.4683
  HONG KONG        DOLLAR          7.7507       7.7588       7.7854       7.7774
  INDIA            RUPEE          48.8517      48.6155      45.5300      39.3267
  JAPAN            YEN            96.9656      99.9659     106.5748     111.0729
  MALAYSIA         RINGGIT         3.5843       3.5222       3.4405       3.3588
  MEXICO           PESO           13.1186      12.6593      10.6633      10.8811
 *NEW ZEALAND      DOLLAR          0.5664       0.6077       0.6739       0.7631
  NORWAY           KRONE           6.9290       6.4973       5.6958       5.4156
  SINGAPORE        DOLLAR          1.5076       1.4784       1.4297       1.4466
  SOUTH AFRICA     RAND           10.1112       9.7800       8.0753       6.7049
  SOUTH KOREA      WON          1398.7044    1329.1877    1134.8667     918.8095
  SRI LANKA        RUPEE         109.9594     108.1661     107.8233     110.4181
  SWEDEN           KRONA           7.9612       7.4435       6.6816       6.3242
  SWITZERLAND      FRANC           1.1910       1.1429       1.1102       1.1233
  TAIWAN           DOLLAR         33.1028      32.7025      31.9924      32.3275
  THAILAND         BAHT           35.0350      34.4209      34.2381      31.3476
 *UNITED KINGDOM   POUND           1.5327       1.6862       1.7973       2.0701
  VENEZUELA        BOLIVAR         2.1446       2.1446       2.1446       2.1446

  MEMO:
  UNITED STATES    DOLLAR
1)BROAD            JAN97=100     109.5793     106.9513     100.3027      98.3723
2)MAJOR CURRENCY   MAR73=100      82.7301      80.4186      75.5106      72.2024
3)OITP             JAN97=100     137.8505     135.0857     126.5348     127.3968


 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 July 2008 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

Statistical releases