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`G.5A(405)                                                       January 2, 2008





               THE TABLE BELOW SHOWS THE AVERAGE RATES OF EXCHANGE IN 2007 TOGETHER
               WITH COMPARABLE FIGURES FOR OTHER YEARS. 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
                  COUNTRY          UNIT         2007         2006         2005         2004

               *AUSTRALIA        DOLLAR          0.8391       0.7535       0.7627       0.7365
                BRAZIL           REAL            1.9461       2.1738       2.4352       2.9262
                CANADA           DOLLAR          1.0734       1.1340       1.2115       1.3017
                CHINA,P.R.       YUAN            7.6058       7.9723       8.1936       8.2768
                DENMARK          KRONE           5.4413       5.9422       5.9953       5.9891
               *EMU MEMBERS      EURO            1.3711       1.2563       1.2449       1.2438
                HONG KONG        DOLLAR          7.8016       7.7681       7.7775       7.7891
                INDIA            RUPEE          41.18        45.19        44.00        45.26
                JAPAN            YEN           117.76       116.31       110.11       108.15
                MALAYSIA         RINGGIT         3.4354       3.6661       3.7869       3.8000
                MEXICO           PESO           10.928       10.906       10.894       11.290
               *NEW ZEALAND      DOLLAR          0.7365       0.6492       0.7049       0.6643
                NORWAY           KRONE           5.8557       6.4095       6.4412       6.7399
                SINGAPORE        DOLLAR          1.5065       1.5882       1.6639       1.6902
                SOUTH AFRICA     RAND            7.0477       6.7668       6.3606       6.4402
                SOUTH KOREA      WON           928.97       954.32      1023.75      1145.24
                SRI LANKA        RUPEE         110.620      103.940      100.383      101.268
                SWEDEN           KRONA           6.7550       7.3718       7.4710       7.3480
                SWITZERLAND      FRANC           1.1999       1.2532       1.2459       1.2428
                TAIWAN           DOLLAR         32.852       32.506       32.131       33.372
                THAILAND         BAHT           32.203       37.876       40.252       40.271
               *UNITED KINGDOM   POUND           2.0020       1.8434       1.8204       1.8330
                VENEZUELA        BOLIVAR      2144.60      2144.60      2107.13      1886.13

                MEMO:
                UNITED STATES    DOLLAR
              1)BROAD            JAN97=100     103.40       108.52       110.71       113.63
              2)MAJOR CURRENCY   MAR73=100      77.84        82.46        83.71        85.37
              3)OITP             JAN97=100     130.28       135.38       138.89       143.38

               This release is available online at http://www.federalreserve.gov/releases/g5a.

               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 major
               currencies index and the other important trading partners (OITP) index are derived from the
               broad index weights. 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 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  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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