[Economic Report of the President (1999)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



INTERNATIONAL STATISTICS


[[Page 452]]


Table B-110.--Foreign exchange rates, 1977-98
[Currency units per U.S. dollar, except as noted]
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Nether-               Switzer-    United
Period                    Belgium     Canada     France    Germany     Italy      Japan      lands      Sweden      land      Kingdom
(franc)    (dollar)   (franc)     (mark)     (lira)     (yen)    (guilder)   (krona)    (franc)   (pound)\1\
--------------------------------------------------------------------------------------------------------------------------------------------------------
March 1973...............................     39.408     0.9967     4.5156     2.8132     568.17     261.90     2.8714     4.4294     3.2171      2.4724
--------------------------------------------------------------------------------------------------------------
1977.....................................     35.849     1.0633     4.9161     2.3236     882.78     268.62     2.4548     4.4802     2.4065      1.7449
1978.....................................     31.495     1.1405     4.5091     2.0097     849.13     210.39     2.1643     4.5207     1.7907      1.9184
1979.....................................     29.342     1.1713     4.2567     1.8343     831.11     219.02     2.0073     4.2893     1.6644      2.1224

1980.....................................     29.238     1.1693     4.2251     1.8175     856.21     226.63     1.9875     4.2310     1.6772      2.3246
1981.....................................     37.195     1.1990     5.4397     2.2632    1138.58     220.63     2.4999     5.0660     1.9675      2.0243
1982.....................................     45.781     1.2344     6.5794     2.4281    1354.00     249.06     2.6719     6.2839     2.0327      1.7480
1983.....................................     51.123     1.2325     7.6204     2.5539    1519.32     237.55     2.8544     7.6718     2.1007      1.5159
1984.....................................     57.752     1.2952     8.7356     2.8455    1756.11     237.46     3.2085     8.2708     2.3500      1.3368
1985.....................................     59.337     1.3659     8.9800     2.9420    1908.88     238.47     3.3185     8.6032     2.4552      1.2974
1986.....................................     44.664     1.3896     6.9257     2.1705    1491.16     168.35     2.4485     7.1273     1.7979      1.4677
1987.....................................     37.358     1.3259     6.0122     1.7981    1297.03     144.60     2.0264     6.3469     1.4918      1.6398
1988.....................................     36.785     1.2306     5.9595     1.7570    1302.39     128.17     1.9778     6.1370     1.4643      1.7813
1989.....................................     39.409     1.1842     6.3802     1.8808    1372.28     138.07     2.1219     6.4559     1.6369      1.6382

1990.....................................     33.424     1.1668     5.4467     1.6166    1198.27     145.00     1.8215     5.9231     1.3901      1.7841
1991.....................................     34.195     1.1460     5.6468     1.6610    1241.28     134.59     1.8720     6.0521     1.4356      1.7674
1992.....................................     32.148     1.2085     5.2935     1.5618    1232.17     126.78     1.7587     5.8258     1.4064      1.7663
1993.....................................     34.581     1.2902     5.6669     1.6545    1573.41     111.08     1.8585     7.7956     1.4781      1.5016
1994.....................................     33.426     1.3664     5.5459     1.6216    1611.49     102.18     1.8190     7.7161     1.3667      1.5319
1995.....................................     29.472     1.3725     4.9864     1.4321    1629.45      93.96     1.6044     7.1406     1.1812      1.5785
1996.....................................     30.970     1.3638     5.1158     1.5049    1542.76     108.78     1.6863     6.7082     1.2361      1.5607
1997.....................................     35.807     1.3849     5.8393     1.7348    1703.81     121.06     1.9525     7.6446     1.4514      1.6376
1998.....................................     36.310     1.4836     5.8995     1.7597    1736.85     130.99     1.9837     7.9522     1.4506      1.6573

1997:I...................................     34.190     1.3593     5.5926     1.6575    1637.48     121.16     1.8630     7.3744     1.4357      1.6314
II...................................     35.388     1.3864     5.7813     1.7148    1691.18     119.80     1.9289     7.7099     1.4460      1.6354
III..................................     37.305     1.3850     6.0845     1.8065    1761.83     118.02     2.0340     7.8318     1.4883      1.6254
IV...................................     36.283     1.4087     5.8886     1.7577    1722.20     125.39     1.9809     7.6499     1.4343      1.6587

1998:I...................................     37.558     1.4298     6.0957     1.8190    1792.04     128.23     2.0505     8.0172     1.4767      1.6465
II...................................     37.022     1.4469     6.0162     1.7944    1770.03     135.68     2.0218     7.8181     1.4934      1.6541
III..................................     36.348     1.5136     5.9091     1.7623    1739.18     140.01     1.9874     8.0011     1.4703      1.6531
IV...................................     34.309     1.5430     5.5758     1.6630    1645.88     119.40     1.8749     7.9753     1.3602      1.6758
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Trade-weighted value of the U.S. dollar
---------------------------------------------------------------------------------------------------------------
Nominal                                                 Real\6\
---------------------------------------------------------------------------------------------------------------
Major                                                   Major
G-10 index    Broad index   currencies    OITP index    G-10 index    Broad index   currencies    OITP index
(March       (January    index (March    (January       (March        (March     index (March     (March
1973=100)\2\  1997=100)\3\  1973=100)\4\  1997=100)\5\  1973=100)\2\  1973=100)\3\  1973=100)\4\  1973=100)\5\

1977.................................... --------103.4----------34.7---------105.3-----------2.9----------93.4----------94.1----------94.1----------93.7
1978....................................          92.4          33.2          96.7           3.1          84.3          88.2          86.9          91.7
1979....................................          88.1          33.7          95.5           3.3          83.3          89.4          88.8          91.2

1980....................................          87.4          34.8          95.3           3.7          85.1          91.5          91.8          91.0
1981....................................         103.4          38.5         104.1           4.2         101.1          98.0         100.8          92.6
1992....................................         116.6          44.8         114.7           5.5         112.0         107.6         109.2         104.3
1983....................................         125.3          50.5         118.6           7.4         117.5         111.6         110.7         113.4
1984....................................         138.2          57.5         126.3           9.7         129.0         118.2         118.0         119.3
1985....................................         143.0          64.5         131.0          13.0         132.8         123.3         122.0         127.0
1986....................................         112.2          60.4         107.9          16.3         103.9         108.6          99.7         132.9
1987....................................          96.9          58.3          95.4          19.2          91.1          99.1          89.2         126.8
1988....................................          92.7          59.0          88.8          23.3          88.5          92.4          84.1         115.8
1989....................................          98.6          65.2          92.4          29.0          94.9          94.0          88.1         110.9

1990....................................          89.1          70.0          88.4          39.1          86.6          91.2          85.1         108.8
1991....................................          89.8          73.1          86.9          45.7          86.9          89.7          83.4         107.8
1992....................................          86.6          76.3          85.4          52.9          83.6          86.8          82.3         101.2
1993....................................          93.2          84.4          87.7          66.0          89.9          88.3          85.0         100.4
1994....................................          91.3          90.4          86.2          80.5          88.6          86.4          84.6          95.5
1995....................................          84.2          92.5          81.4          92.5          82.4          84.0          80.8          95.3
1996....................................          87.3          97.4          85.2          98.2          86.4          85.9          85.8          92.5
1997....................................          96.4         104.5          91.9         104.7          95.9          90.5          93.2          93.6
1998....................................          98.8         116.3          96.5         125.7          98.7          98.4          98.3         105.7

1997:I..................................          93.7         101.5          90.0         100.5          93.4          88.6          91.5          91.1
II..................................          95.7         102.6          91.3         101.3          95.2          89.0          92.4          91.0
III.................................          98.6         104.7          92.5         104.1          98.0          90.6          93.8          92.8
IV..................................          97.5         109.1          93.6         112.9          97.0          93.9          95.0          99.3

1998:I..................................         100.3         115.1          95.9         123.9         100.0          98.2          97.5         106.4
II..................................         100.3         115.7          97.3         122.9          99.9          98.2          99.0         104.3
III.................................         100.2         119.1          99.1         128.3         100.2         100.7         101.2         107.5
IV..................................          94.5         115.1          93.7         127.7          94.8          96.5          95.7         104.8
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\1\Value is U.S. dollars per pound.
\2\G-10 comprises the countries shown in this table. Discontinued after December 1998.
\3\The broad index is a weighted average of the foreign exchange value of the dollar against the currencies of a broad group of U.S. trading partners.
\4\Subset of the broad index. Includes G-10 countries plus Spain, Ireland, Austria, Finland, Portugal, and Australia.
\5\Subset of the broad index. Includes other important U.S. trading partners (OITP) whose currencies are not heavily traded outside their home markets.
\6\Adjusted for changes in the consumer price index.

Note.--Certified noon buying rates in New York.
For a discussion of the newly introduced multilateral trade-weighted indexes for the U.S. dollar, see Federal Reserve Bulletin, October 1998.

Source: Board of Governors of the Federal Reserve System.