Conducting polypyrrole doped with iron (Ⅱ,Ⅲ) hexacyanate Fe$(CN)_6^{z-}$ ions was studied for its physical and electrochemical properties. The polymer exhibited two pairs of waves in the cyclic voltammogram, one for the reversible oxidation/reduction of the incorporated iron hexacyanate ions and the other for the near-reversible oxidation/reduction of the polypyrrole moiety. The exchange of ions incorporated in the polymer and other ions present in solutions were examined by following the decrease of the reversible redox peaks of Fe$(CN)_6^{z-}$, and by EDX analysis. The spin density of this highly conducting polymer as probed by ESR spectroscopy was extremely low compared to polypyrrole doped with common anions.