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. In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.

The only exception relates to some qualified business units (QBUs), which are generally allowed to use the currency of a foreign country. If you have a QBU with a functional currency that is not the U.S. dollar, make all income determinations in the QBU's functional currency, and where appropriate, translate such income or loss at the appropriate exchange rate.

A taxpayer may also need to recognize foreign currency gain or loss on certain foreign currency transactions.  See section 988 of the Internal Revenue Code and the regulations thereunder.

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.

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 not listed below, refer to the governmental and external resources listed on the Foreign Currency and Currency Exchange Rates page or any other posted exchange rate (that is used consistently). 

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 2023 2022 2021 2020 2019
Afghanistan Afghani 82.635 90.084 83.484 76.651 77.579
Algeria Dinar 135.933 142.123 135.011 126.741 119.402
Argentina Peso 296.154 130.792 95.098 70.635 48.192
Australia Dollar 1.506 1.442 1.332 1.452 1.439
Bahrain Dinar 0.377 0.377 0.377 0.377 0.377
Brazil Real 4.994 5.165 5.395 5.151 3.946
Canada Dollar 1.350 1.301 1.254 1.341 1.327
Cayman Islands Dollar 0.833 0.833 0.833 0.833 0.833
China Yuan 7.075 6.730 6.452 6.900 6.910
Denmark Krone 6.890 7.077 6.290 6.538 6.670
Egypt Pound 30.651 19.208 15.697 15.813 16.809
Euro Zone Euro 0.924 0.951 0.846 0.877 0.893
Hong Kong Dollar 7.829 7.831 7.773 7.756 7.835
Hungary Forint 353.020 372.775 303.292 307.766 290.707
Iceland Krona 137.857 135.296 126.986 135.354 122.571
India Rupee 82.572 78.598 73.936 74.102 70.394
Iraq Dinar 1376.529 1459.751 1460.133 1197.497 1191.254
Israel New Shekel 3.687 3.361 3.232 3.438 3.563
Japan Yen 140.511 131.454 109.817 106.725 109.008
Lebanon Pound 1370.988 1515.669 1519.228 1510.677 1510.290
Mexico Peso 17.733 20.110 20.284 21.466 19.246
Morocco Dirham 10.134 10.275 8.995 9.495 9.614
New Zealand Dollar 1.630 1.578 1.415 1.540 1.518
Norway Kroner 10.564 9.619 8.598 9.413 8.802
Qatar Rial 3.643 3.644 3.644 3.641 3.641
Russia Ruble 85.509 69.896 73.686 72.299 64.687
Saudi Arabia Riyal 3.752 3.755 3.751 3.753 3.751
Singapore Dollar 1.343 1.379 1.344 1.379 1.364
South Africa Rand 18.457 16.377 14.789 16.458 14.448
South Korean Won 1306.686 1291.729 1144.883 1179.199 1165.697
Sweden Krona 10.613 10.122 8.584 9.205 9.457
Switzerland Franc 0.899 0.955 0.914 0.939 0.994
Taiwan Dollar 31.160 29.813 27.932 29.460 30.898
Thailand Baht 34.802 35.044 31.997 31.271 31.032
Tunisia Dinar 3.103 3.082 2.778 2.836 2.925
Turkey New Lira 23.824 16.572 8.904 7.025 5.685
United Arab Emirates Dirham 3.673 3.673 3.673 3.673 3.673
United Kingdom Pound 0.804 0.811 0.727 0.779 0.784
Venezuela Bolivar
(Fuerte)
2863377461538.5 666470505836.6 323298866894.8 236266.507 248486.041

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