H.10(512)                                                                    May 14, 1999  



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING MAY 14, 1999

 The Board of Governors of the Federal Reserve System is advised that the Federal Reserve
 Bank of New York has certified for customs purposes the following noon buying rates in
 New York City for cable transfers payable in foreign currencies:


 (RATES IN CURRENCY UNITS PER DOLLAR)


                 MONETARY
   COUNTRY         UNIT       May. 10      May. 11      May. 12      May. 13      May. 14

 *AUSTRALIA      DOLLAR         0.6688       0.6712       0.6670       0.6679       0.6648
  BRAZIL         REAL           1.6530       1.6490       1.6600       1.6550       1.6580
  CANADA         DOLLAR         1.4605       1.4538       1.4608       1.4598       1.4635
  CHINA, P.R.    YUAN           8.2787       8.2782       8.2783       8.2778       8.2784
  DENMARK        KRONE          6.8830       6.9310       6.9705       6.9940       6.9785
 *EMU MEMBERS    EURO           1.0787       1.0720       1.0666       1.0626       1.0650
  GREECE         DRACHMA      302.00       303.33       304.70       305.70       305.25
  HONG KONG      DOLLAR         7.7510       7.7515       7.7520       7.7518       7.7525
  INDIA          RUPEE         42.80        42.80        42.80        42.80        42.83
  JAPAN          YEN          120.68       120.96       120.86       121.67       122.64
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.299        9.256        9.324        9.268        9.368
 *NEW ZEALAND    DOLLAR         0.5600       0.5621       0.5600       0.5595       0.5578
  NORWAY         KRONE          7.6155       7.6690       7.7060       7.7180       7.7050
  SINGAPORE      DOLLAR         1.6987       1.6972       1.7003       1.7060       1.7140
  SOUTH AFRICA   RAND           6.1720       6.1660       6.2075       6.2160       6.2235
  SOUTH KOREA    WON         1201.20      1199.00      1206.00      1206.50      1208.00
  SRI LANKA      RUPEE         70.100       70.350       70.570       70.740       70.950
  SWEDEN         KRONA          8.2885       8.3580       8.3950       8.4250       8.4175
  SWITZERLAND    FRANC          1.4895       1.4998       1.5025       1.5080       1.5058
  TAIWAN         DOLLAR        32.830       32.740       32.740       32.750       32.790
  THAILAND       BAHT          36.800       36.790       36.820       37.050       37.220
 *UNITED KINGDOM POUND          1.6300       1.6215       1.6193       1.6190       1.6175
  VENEZUELA      BOLIVAR      596.15       594.00       596.35       596.00       596.25

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    116.04       116.11       116.49       116.66       116.97
2)MAJOR CURRENCY MAR73=100     94.96        95.11        95.41        95.67        95.89
3)OITP           JAN97=100    127.81       127.71       128.16       128.13       128.52


 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 the January 11, 1999 release, the euro is reported in place of the individual euro-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  =  40.3399  BELGIAN FRANCS
                =  1.95583  GERMAN MARKS
                =  166.386  SPANISH PESETAS
                =  6.55957  FRENCH FRANCS
                =  .787564  IRISH POUNDS
                =  1936.27  ITALIAN LIRE
                =  40.3399  LUXEMBOURG FRANCS
                =  2.20371  DUTCH GUILDERS
                =  13.7603  AUSTRIAN SCHILLINGS
                =  200.482  PORTUGUESE ESCUDOS
                =  5.94573  FINNISH MARKKAS