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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

2013

2012

2011

2010

2009

2008

Afghanistan

Afghani

57.822

53.130

48.817

48.409

53.040

50.417

Algeria

Dinar

83.339

81.301

76.525

78.471

77.110

68.437

Argentina

Peso

5.704

4.738

4.299

4.077

3.888

3.298

Australia

Dollar

1.078

1.005

1.008

1.134

1.332

1.245

Bahrain

Dinar

0.395

0.395

0.394

0.394

0.394

0.394

Brazil

Real

2.249

2.035

1.742

1.838

2.008

1.914

Canada

Dollar

1.071

1.040

1.029

1.072

1.187

1.109

Cayman Islands

Dollar

0.873

0.872

0.868

0.868

0.856

0.867

China

Yuan

6.446

6.573

6.732

7.050

7.115

7.241

Denmark

Krone

5.843

6.025

5.571

5.847

5.570

5.299

Egypt

Pound

7.185

6.348

6.211

5.908

5.825

5.715

Euro Zone

Euro

0.783

0.809

0.748

0.785

0.748

0.711

Hong Kong

Dollar

8.067

8.068

8.096

8.080

8.062

8.091

Hungary

Forint

232.771

234.421

209.338

216.583

210.463

179.603

Iceland

Krona

127.323

130.282

120.906

129.851

130.043

92.133

India

Rupee

60.936

55.911

49.124

47.774

50.804

45.567

Iraq

Dinar

1225.266

1224.581

1230.715

1230.020

1228.033

1262.118

Israel

New Shekel

3.759

4.014

3.724

3.887

4.089

3.735

Japan

Yen

101.517

83.008

82.931

91.342

97.361

107.605

Lebanon

Pound

1589.155

1583.096

1581.575

1579.773

1585.339

1587.847

Mexico

Peso

13.275

13.695

12.943

13.151

14.058

11.612

Morocco

Dirham

8.829

9.064

8.478

8.829

8.474

8.115

New Zealand

Dollar

1.270

1.285

1.316

1.444

1.663

1.482

Norway

Kroner

6.117

6.056

5.835

6.291

6.550

5.873

Qatar

Rial

3.796

3.798

3.791

3.793

3.792

3.794

Russia

Rouble

33.165

32.407

30.626

31.651

33.088

25.865

Saudi Arabia

Riyal

3.901

3.902

3.902

3.906

3.904

3.907

Singapore

Dollar

1.302

1.300

1.308

1.418

1.513

1.472

South Africa

 

Rand

10.037

8.553

7.562

7.638

8.782

8.606

South Korean

Won

1142.933

1175.380

1153.728

1206.268

1330.240

1146.949

Sweden

Krona

6.780

7.048

6.755

7.498

7.958

6.857

Switzerland

Franc

0.964

0.976

0.923

1.085

1.129

1.126

Taiwan

Dollar

30.945

30.849

30.693

32.814

34.389

32.818

Thailand

Baht

32.027

32.456

31.893

33.227

35.953

34.603

Tunisia

Dinar

1.695

1.629

1.469

1.502

1.410

1.299

Turkey

New Lira

1.982

1.874

1.748

1.569

1.619

1.358

United Arab Emirates

Dirham

3.821

3.821

3.821

3.821

3.821

3.821

United Kingdom

Pound

0.665

0.656

0.649

0.673

0.667

0.567

Venezuela

Bolivar (Fuerte)

6.312

4.473

4.474

4.384

2.238

2.239

 

References/Related Topics

Page Last Reviewed or Updated: 15-Jan-2014