Selected Exchange Rates

(5/517) ^SEARCfi^ Selected Exchange Rates XAfeekly Series of Charts / May,191 Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 2551

Table of Contents TABLES 1. LATEST FIGURES PLOTTED 2. DAILY CERTIFIED SPOT EXCHANGE RATES H.1 RELEASE CHARTS 1. SPOT EXCHANGE RATE INDICES 2. 3MONTH FORWARD EXCHANGE RATES 3. GOLD PRICE LONDON. CALL MONEY RATES 5. 3MONTH INTEREST RATES. EURODOLLAR DEPOSIT RATES 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES a INTEREST ARBITRAGE: 3MONTH FUNDS 9. LONGTERM GOVERNMENT BOND YIELDS 1. INDUSTRIAL STOCK INDICES SUBSCRIPTION RATES: Weekly $15. per year or $. each in the United States, its possessions, Canada, and Mexico; 1 or more of the same issue to one address, $13.5 per year or $.35 each. Elsewhere, $2. per year or $.5 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency.

CHART 1 SPOT EXCHANGE INDICES DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE) AVERAGES FOR WEEK ENDING WEDNESDAY RATIO SCALE MARCH 1973=1 U.K. POUND RATIO SCALE MARCH 1973=1 1 V A w " FOREIGN CURRENCY PRICE OF U.S. DOLLAR A : I I I I I I I III III 111 Illllllllll FRENCH FRANC /. 1 GERMAN MARK xv\ " I I I I I I Illllllllll 2 1 a/i X JAPANESE YEN, J 2 1 SWISS FRANC sa " i l l I I I Illllllllll illllllllll 1 AJ zyv _Ayv/ X\ 1 DUTCH GUILDER Illllllllll 7 BELGIAN FRANC WX. ~ m i Illllllllll 1 1 ITALIAN LIRA CANADIAN DOLLAR r~ I 1979 191 I ' l l I I I Illllllllll 1979 191

CHART 2 3MONTH FORWARD EXCHANGE RATES PREMIUM () OR () AVERAGES FOR WEEK ENDING WEDNESDAY :ENT PER ANNUM PERCENT PER At UW 2 CANADIAN DOLLAR ITALIAN LIRA i i i I I I v X 2 U. K. POUND DUTCH GUILDER I I Li ; L! 1 GERMAN MARK SWISS FRANC FRENCH FRANC JAPANESE YEN 1979 191 1979 191 5

CHART 3 PRICE OF GOLD IN LONDON AVERAGES FOR WEEK ENDING WEDNESDAY U.S. D LLARS PER FINE OUNCE U.S. DOLLARS PER FINE I 75 75 7 7 5 5 55 55 5 5 5.5 Kg BARS AFTERNOON FIXING PRICE 5 35 35 3 3 25 25 2 2 15 15 1 i I I I I I I I I l I I I I I I I I I I I M 197 1979 19 191 1

CHART "/ V CALL MONEY RATES t i " WEEKLY SERIES 2 :NT PER ANNUM PERCENT PER AH 2 2 2 2 U. S. FEDERAL FUNDS U. K. 2DAY LOCAL AUTHORITY 2 2 2 2 2 EUROSWISS FRANC CANADA NETHERLANDS FRANCE GERMANY JAPAN EURODM I I I I I II I I I I 1979 191 1979 191

CHART 5 3MONTH INTEREST RATES WEEKLY SERES [NT PER ANNUM PERCENT PER Ah 2 U. S. CD' S 2 U.K. INTERBANK STERLING WEIGHTED AVERAGE FOREIGN RATE 22 1 CANADIAN FINANCE CO. PAPER GERMAN INTERBANK RATE 1 1 JAPANESE BANK LOANS AND DISCOUNTS SWISS INTERBANK RATE IV V/lH, J I I I I I I I I I I I I I. 11111111111 1979 191 1979 191

CHART EURODOLLAR DEPOSIT RATES LONDON AVERAGES FOR WEEK ENDING WEDNESDAY PER ANNUM PERCENT PER 2 2 2 OVERNIGHT 3MONTH 2 2 2 2 7DAY MONTH 2 2 2 2 1MONTH 1YEAR 2 1979 191 1979 191

^ * CHART 7 SELECTED EURODOLLAR AND U. S. MONEY MARKET RATES DIFFERENTIAL: PLUS(), FAVORS BORROWING IN U. S. AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 2 PERCENT PER ANNUM 2 22 1 h 1 ih M j I FEDERAL FUNDS l\ / 'n / I (M V ri J 1 nj ri J OVERNIGHT T EURODOLLAR DEPOSITS I I Ml II II II I I I I I I I I I I I i 3MONTH /;,i EURODOLLAR DEPOSITS II»! 9DAY CD S 22 1 1 1 3 DIFFERENTIAL DIFFERENTIAL 1 3 1979 111111111111111 I I I I I I I I I I I i i I i i In 191 1979 191! i i 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

CHART i INTEREST ARBITRAGE: 3MONTH FUNDS DIFFERENTIAL: PLUS(), INDICATES FAVOR DOLLAR ASSETS AVERAGES FOR WEEK ENDING WEDNESDAY PERCENT PER ANNUM 2 PERCENT PER ANNUM 2 2 EURODOLLAR DEPOSITS CANADIAN FINANCE CO. PAPER, COVERED 2 INTERBANK STERLING COVERED LONDON U. S. COMMERCIAL PAPER III II I I I DIFFERENTIAL DIFFERENTIAL N NJ L A^VA/VA V \!Y " " I I I I I I I I I I I III INTERBANK DM COVERED FRANKFURT SWISS INTERBANK (SF) COVERED EURODOLLAR DEPOSITS EURODOLLAR DEPOSITS DIFFERENTIAL DIFFERENTIAL 1979 191 1979 191 1 PERCENT ON DIFFERENTIAL SCALE = 2 PERCENT ON RATE SCALE

CHART 9 LONGTERM GOVERNMENT BOND YIELDS WEEKLY SERIES ENT PER ANNUM PERCENT PER Al NUM 15 15 CANADA 13 UNITED STATES 13 11 11 9 9 7 7 9 1 7 SWITZERLAND 5 GERMANY 3 1 17 1 FRANCE 15 UNITED KINGDOM 13 1 11 NETHERLANDS 9 7 1 U. S. CORPORATE MONTHLY MONTHLY 13 Aaa BONDS JAPAN 11 1 9 EURODOLLAR BONDS 7 5 1979 191 1979 191

CHART 1 INDUSTRIAL STOCK INDICES WEEKLY SERIES RATIO SCALE 199=1 RATIO SCALE 199=< UNITED STATES FRANCE GENERAL INDEX JAPAN SWITZERLAND GERMANY UNITED KINGDOM 1979 191 1979 191

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 1. SPOT EXCHANGE RATES AND INDICES MEEKLY AVERAGES, NOON BUYING RATES (U.S. CENTS) GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA 5 73,792 1,13 2 7 3,71 19,3 5,1 2,13,917 INDICES, MARCH 1973 BASE RATES = 1 GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA.5 2.52 11. 7.39 3.3.95 1.3 11.5 52.13 WEIGHTED AVERAGE"EXCHANGE VALUE INDICES, MAR 1973 = 1 (G1 COUNTRIES PLUS SWITZERLAND) U.S. DOLLAR GERMAN MARK JAPANESE YEN DUTCH GUILDER U.K. POUND CANADIAN DOLLAR FRENCH FRANC SWISS FRANC BELGIAN FRANC ITALIAN LIRA SWEDISH KRONA 99.5 13.5.9 11.9 5.3 1.95 5.21 3.5 11.3 9. 93. CHART 2. 3MONTH FORWARD EXCHANGE RATES, PREMIUM OR DISCOUNT CANADIAN DOLLAR 1. U.K. POUND.11 GERMAN MARK.13 FRENCH FRANC 2.79 SWISS FRANC. DUTCH GUILDER 5. JAPANESE YEN 9.9 ITALIAN LIRA 2.

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART 3. GOLD PBICE IN LONDON, AFTERNOON FIXING U.S. DOLLARS PER FINE OUNCE 5.2 CHART. CALL MONEY RATES U.S. FEDERAL FUNDS OVESNIGHT EURODOLLAR DEPOSITS U.K. 2DAY LOCAL AUTHORITY DEPOSITS CANADA GERMANY EURODM JAPAN FRANCE NETHERLANDS EUROSWISS FRANC APRIL 2 APRIL 3 APRIL 2 APRIL 1 APBIL 2 APRIL 2 APRIL 3 APRIL 1.2 15.97..53 9.5 11.5 7.13.25 9.5.73 CHART 5. 3MONTH INTEREST RATES U.S. 9DAY CD'S, SECONDARY MARKET GERMAN INTERBANK LOAN JAPANESE BANK LOANS DISCOUNTS CANADIAN FINANCE PAPER INTERBANK STERLING SWISS INTERBANK LOAN WEIGHTED AVERAGE FOREIGN INTEREST RATE (G1 COUNTRIES PLUS SWITZERLAND) APRIL APRIL APRIL APRIL APRIL APRIL APRIL 29 29 29 29 29 29 29 15..91 7. 19 17.5.35 9.3.55 CHART. EURODOLLAR DEPOSIT RATES: LONDON OVERNIGHT 7DAY 1MONTH 3MONTH MONTH 1YEAR 15.97 15.77.19.3.3 15. CHART 7. SELECTED EURODOLLAR AND U.S. MONEY MARKET RATES OVERNIGHT EURODOLLAR DEPOSITS 15.97 U.S. FEDERAL FUNDS.2 DIFFERENTIAL ADJ. FOR RESERVE REQUIREMENTS.31 3MONTH EURODOLLAR DEPOSIT RATE.3 U.S. 9DAY CD'S, SECONDARY MARKET 15. DIFFERENTIAL.9

SERIES NAME LAST VALUE PLOTTED DATE VALUE CHART. INTEREST ARBITRAGE, 3MONTH FUNDS EURODOLLAR DEPOSIT. 3 INTERBANK STERLING (LONDON), COVERED. 59 DIFFERENTIAL. 21 U.S. COMMERCIAL PAPER 1,. 92 CANADIAN FINANCE PAPER, COVERED. 5 DIFFERENTIAL 1. 2 EURODOLLAR DEPOSIT. 3 INTERBANK DM (FRANKFURT), COVERED 17. 17 DIFFERENTIAL. EURODOLLAR DEPOSIT. 3 SWISS INTERBANK, COVERED. 2 DIFFERENTIAL. 11 CHART 9. LONG TERM GOVERMENT BOND YIELDS UNITED STATES APRIL 2 13.7 GERMANY APRIL 2 1.23 JAPAN (MONTHLY) MARCH.29 SWITZERLAND APRIL 17 5. CANADA APRIL 3 13.2 FRANCE MARCH 13 15.9 NETHERLANDS APRIL 3 1. UNITED KINGDOM APRIL 17 11. I. CORPORATE AAA BONDS MARCH 13.33 EURODM BONDS DEC..3 EURODOLLAR BONDS FEB..17 CHART 1. INDUSTRIAL STOCK INDICES UNITED STATES APRIL 17 12.37 JAPAN APRIL 1 3.3 t FRANCE APRIL 3 1. UNITED KINGDOM APRIL 1.9 SWITZERLAND APRIL 1 75.59 t GERMANY APRIL 1 97.9

FEDERAL RESERVE statistical release H.1(5) FOREIGN EXCHANGE RATES FOB THE WEEK ENDING MAY 1, 191 MAY, 191 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 rate in New York City for cable transfers payable in foreign currencies: COUNTRY MONETARY (RATE U.S. CENJFS UNIT APR. 27 APR. 2 APR. 29 APR. 3 MAY 1 AUSTRALIA DOLLAR 115. 115.37 115. 11.92 11.7 AUSTRIA SCHILLING.5195.557.39795.39795.37755 BELGIUM FRANC 2.177 2.2 2.7777 2.7 2.72 CANADA DOLLAR 3.13 3.2 3.5213 3.591 3.5911 DENMARK KRONE 1.573 1.533. 1.3 1.355 1.35 FINLAND MARKKA 23.9521 23.9292 23.95 23.7925 23.753 FRANCE FRANC 19.31 19.32 19.7 19.295 19.122 GERMANY D. MARK 5. 5.7352 5.175 5.23 5.3927 INDIA RUPEE..15.337. 11.97 IRELAND POUND 7.5 7.5 5. 5.5.2 ITALY LIRA.92.913.991.9.9 JAPAN YEN.71.713.577.33.35 MALAYSIA DOLLAR 3.375 3.27 3. 3.2 3.293 MEXICO PESO.1719.172.1719.9.15 NETHERLANDS GUILDER 1.25 1.115.9.7.73 NEW ZEALAND DOLLAR 9.25 9.1 9.5 9.7 9.5 NORWAY KRONE 1.155 1.1 1.2 1.73 1.571 PORTUGAL ESCUDO 1.779 1.721 1.92 1.21 1.779 SOUTH AFRICA RAND 2.97 2.9 2. 2. 1.91 SPAIN PESETA 1.13 1.91 1.23 1.17 1.23 SRI LANKA RUPEE 5.37 5.37 5.37 5.37 5.37 SWEDEN KRONA 21.2 21.52 21.35 21.52 21.52 SWITZERLAND FRANC 5.22 5.3271 9.5 9.5 9.55 UNITED KINGDOM POUND 2.3 215. 21.3 213.95 21.3