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Yearly Average Currency Exchange Rates

Translating foreign currency into U.S. dollars

You must express the amounts you report on your U.S. tax return in U.S. dollars. Therefore, you must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. The only exception relates to some qualified business units (QBUs), which are generally allowed to use the currency of a foreign country.

Note: Payments of U.S. tax must be remitted to the U.S. Internal Revenue Service (IRS) in U.S. dollars.

Currency exchange rates

The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently.

When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances. For example, if you have a single transaction such as the sale of a business that occurred on a single day, use the exchange rate for that day. However, if you receive income evenly throughout the tax year, you may translate the foreign currency to U.S. dollars using the yearly average currency exchange rate for the tax year.

Note: The exchange rates referenced on this page do not apply when making payments of U.S. taxes to the IRS.  If the IRS receives U.S. tax payments in a foreign currency, the exchange rate used by the IRS to convert the foreign currency into U.S. dollars is based on the date the foreign currency is converted to U.S. dollars by the bank processing the payment, not the date the foreign currency payment is received by the IRS.

Yearly average currency exchange rates

For additional exchange rates, refer to Foreign Currency and Currency Exchange Rates.

To convert from foreign currency to U.S. dollars, divide the foreign currency amount by the applicable yearly average exchange rate in the table below. To convert from U.S. dollars to foreign currency, multiply the U.S. dollar amount by the applicable yearly average exchange rate in the table below.

 

Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars

Country

Currency

2014

2013

2012

2011

2010

2009

Afghanistan

Afghani

59.771

57.822

53.130

48.817

48.409

53.040

Algeria

Dinar

84.242

83.339

81.301

76.525

78.471

77.110

Argentina

Peso

8.448

5.704

4.738

4.299

4.077

3.888

Australia

Dollar

1.154

1.078

1.005

1.008

1.134

1.332

Bahrain

Dinar

0.394

0.395

0.395

0.394

0.394

0.394

Brazil

Real

2.451

2.249

2.035

1.742

1.838

2.008

Canada

Dollar

1.149

1.071

1.040

1.029

1.072

1.187

Cayman Islands

Dollar

0.883

0.873

0.872

0.868

0.868

0.856

China

Yuan

6.394

6.446

6.573

6.732

7.050

7.115

Denmark

Krone

5.844

5.843

6.025

5.571

5.847

5.570

Egypt

Pound

7.399

7.185

6.348

6.211

5.908

5.825

Euro Zone

Euro

0.784

0.783

0.809

0.748

0.785

0.748

Hong Kong

Dollar

8.065

8.067

8.068

8.096

8.080

8.062

Hungary

Forint

242.076

232.771

234.421

209.338

216.583

210.463

Iceland

Krona

121.574

127.323

130.282

120.906

129.851

130.043

India

Rupee

63.469

60.936

55.911

49.124

47.774

50.804

Iraq

Dinar

1228.786

1225.266

1224.581

1230.715

1230.020

1228.033

Israel

New Shekel

3.723

3.759

4.014

3.724

3.887

4.089

Japan

Yen

110.101

101.517

83.008

82.931

91.342

97.361

Lebanon

Pound

1591.284

1589.155

1583.096

1581.575

1579.773

1585.339

Mexico

Peso

13.840

13.275

13.695

12.943

13.151

14.058

Morocco

Dirham

8.828

8.829

9.064

8.478

8.829

8.474

New Zealand

Dollar

1.255

1.270

1.285

1.316

1.444

1.663

Norway

Kroner

6.558

6.117

6.056

5.835

6.291

6.550

Qatar

Rial

3.794

3.796

3.798

3.791

3.793

3.792

Russia

Rouble

40.118

33.165

32.407

30.626

31.651

33.088

Saudi Arabia

Riyal

3.902

3.901

3.902

3.902

3.906

3.904

Singapore

Dollar

1.318

1.302

1.300

1.308

1.418

1.513

South Africa

 

Rand

11.286

10.037

8.553

7.562

7.638

8.782

South Korean

Won

1098.233

1142.933

1175.380

1153.728

1206.268

1330.240

Sweden

Krona

7.138

6.780

7.048

6.755

7.498

7.958

Switzerland

Franc

0.952

0.964

0.976

0.923

1.085

1.129

Taiwan

Dollar

31.566

30.945

30.849

30.693

32.814

34.389

Thailand

Baht

33.841

32.027

32.456

31.893

33.227

35.953

Tunisia

Dinar

1.771

1.695

1.629

1.469

1.502

1.410

Turkey

New Lira

2.276

1.982

1.874

1.748

1.569

1.619

United Arab Emirates

Dirham

3.821

3.821

3.821

3.821

3.821

3.821

United Kingdom

Pound

0.632

0.665

0.656

0.649

0.673

0.667

Venezuela

Bolivar (Fuerte)

6.555

6.312

4.473

4.474

4.384

2.238

 

References/Related Topics

Page Last Reviewed or Updated: 23-Jan-2015