H.10(512)                                                                 January 3, 2000



 FOREIGN EXCHANGE RATES

 FOR THE WEEK ENDING DECEMBER 31, 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       Dec. 27      Dec. 28      Dec. 29      Dec. 30      Dec. 31

 *AUSTRALIA      DOLLAR         0.6448       0.6450       0.6503       0.6539       0.6560
  BRAZIL         REAL           1.8330       1.8320       1.8140       1.7920       1.8090
  CANADA         DOLLAR         1.4623       1.4545       1.4507       1.4533       1.4440
  CHINA, P.R.    YUAN           8.2796       8.2797       8.2793       8.2795       8.2795
  DENMARK        KRONE          7.3400       7.3890       7.4025       7.4210       7.3950
 *EMU MEMBERS    EURO           1.0136       1.0068       1.0045       1.0024       1.0070
  GREECE         DRACHMA      326.15       327.80       329.00       329.30       327.90
  HONG KONG      DOLLAR         7.7712       7.7735       7.7723       7.7745       7.7740
  INDIA          RUPEE         43.55        43.55        43.55        43.55        43.51
  JAPAN          YEN          102.10       102.19       102.05       102.33       102.16
  MALAYSIA       RINGGIT        3.8000       3.8000       3.8000       3.8000       3.8000
  MEXICO         PESO           9.458        9.506        9.533        9.495        9.480
 *NEW ZEALAND    DOLLAR         0.5175       0.5171       0.5209       0.5217       0.5234
  NORWAY         KRONE          7.9890       8.0360       8.0440       8.0305       8.0100
  SINGAPORE      DOLLAR         1.6698       1.6660       1.6650       1.6670       1.6670
  SOUTH AFRICA   RAND           6.1580       6.1530       6.1650       6.1585       6.1600
  SOUTH KOREA    WON         1133.70      1143.00      1142.50      1133.00      1136.00
  SRI LANKA      RUPEE         71.800       71.750       71.750       71.750       71.750
  SWEDEN         KRONA          8.4640       8.5130       8.5300       8.5400       8.5050
  SWITZERLAND    FRANC          1.5835       1.5940       1.5977       1.6015       1.5930
  TAIWAN         DOLLAR        31.600       31.550       31.500       31.400       31.390
  THAILAND       BAHT          37.750       37.600       37.500       37.700       37.750
 *UNITED KINGDOM POUND          1.6173       1.6165       1.6168       1.6130       1.6150
  VENEZUELA      BOLIVAR      647.25       647.40       648.50       648.25       649.25

  MEMO:
  UNITED STATES   DOLLAR
1)BROAD          JAN97=100    115.74       115.89       115.86       115.87       115.61
2)MAJOR CURRENCY MAR73=100     92.82        92.92        92.87        93.05        92.67
3)OITP           JAN97=100    129.16       129.39       129.37       129.08       129.11


 This release is available online at http://www.federalreserve.gov/releases/H10.

 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/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 has
 produced revised index values that appear in the dollar indexes starting with the
 November 1, 1999, release.

 *  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  =  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