H.10(512)                                                                   July 16, 1999



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING JULY 16, 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       Jul. 12      Jul. 13      Jul. 14      Jul. 15      Jul. 16

 *AUSTRALIA      DOLLAR         0.6620       0.6593       0.6592       0.6626       0.6602
  BRAZIL         REAL           1.8200       1.8350       1.8070       1.8270       1.8100
  CANADA         DOLLAR         1.4812       1.4828       1.4811       1.4826       1.4820
  CHINA, P.R.    YUAN           8.2776       8.2775       8.2778       8.2775       8.2773
  DENMARK        KRONE          7.3385       7.3100       7.2810       7.2765       7.2860
 *EMU MEMBERS    EURO           1.0139       1.0176       1.0215       1.0220       1.0203
  GREECE         DRACHMA      320.54       319.30       317.80       317.30       317.75
  HONG KONG      DOLLAR         7.7605       7.7600       7.7600       7.7602       7.7600
  INDIA          RUPEE         43.30        43.35        43.35        43.26        43.35
  JAPAN          YEN          122.22       121.38       120.58       120.49       120.98
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.455        9.455        9.335        9.345        9.358
 *NEW ZEALAND    DOLLAR         0.5245       0.5225       0.5225       0.5253       0.5236
  NORWAY         KRONE          7.9990       8.0100       7.9885       7.9770       7.9650
  SINGAPORE      DOLLAR         1.7000       1.6997       1.6990       1.6983       1.7065
  SOUTH AFRICA   RAND           6.1450       6.1535       6.1525       6.1455       6.1510
  SOUTH KOREA    WON         1184.00      1176.00      1184.00      1184.00      1183.00
  SRI LANKA      RUPEE         71.950       71.950       72.100       72.100       71.680
  SWEDEN         KRONA          8.6120       8.5925       8.5860       8.5690       8.5525
  SWITZERLAND    FRANC          1.5828       1.5777       1.5717       1.5710       1.5745
  TAIWAN         DOLLAR        32.260       32.290       32.290       32.340       32.390
  THAILAND       BAHT          37.270       37.180       37.100       37.090       37.200
 *UNITED KINGDOM POUND          1.5558       1.5566       1.5635       1.5665       1.5622
  VENEZUELA      BOLIVAR      611.00       609.90       611.25       612.00       612.10

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    118.46       118.26       117.88       117.86       118.00
2)MAJOR CURRENCY MAR73=100     98.03        97.78        97.42        97.39        97.56
3)OITP           JAN97=100    128.56       128.49       128.15       128.16       128.22


 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