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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. 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, 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

2015

2014

2013

2012

2011

2010

Afghanistan

Afghani

63.653

59.771

57.822

53.130

48.817

48.409

Algeria

Dinar

104.883

84.242

83.339

81.301

76.525

78.471

Argentina

Peso

9.617

8.448

5.704

4.738

4.299

4.077

Australia

Dollar

1.345

1.154

1.078

1.005

1.008

1.134

Bahrain

Dinar

0.395

0.394

0.395

0.395

0.394

0.394

Brazil

Real

3.468

2.451

2.249

2.035

1.742

1.838

Canada

Dollar

1.329

1.149

1.071

1.040

1.029

1.072

Cayman Islands

Dollar

0.885

0.883

0.873

0.872

0.868

0.868

China

Yuan

6.489

6.394

6.446

6.573

6.732

7.050

Denmark

Krone

6.991

5.844

5.843

6.025

5.571

5.847

Egypt

Pound

8.044

7.399

7.185

6.348

6.211

5.908

Euro Zone

Euro

0.937

0.784

0.783

0.809

0.748

0.785

Hong Kong

Dollar

8.062

8.065

8.067

8.068

8.096

8.080

Hungary

Forint

290.638

242.076

232.771

234.421

209.338

216.583

Iceland

Krona

137.471

121.574

127.323

130.282

120.906

129.851

India

Rupee

66.768

63.469

60.936

55.911

49.124

47.774

Iraq

Dinar

1231.234

1228.786

1225.266

1224.581

1230.715

1230.020

Israel

New Shekel

4.052

3.723

3.759

4.014

3.724

3.887

Japan

Yen

125.911

110.101

101.517

83.008

82.931

91.342

Lebanon

Pound

1588.880

1591.284

1589.155

1583.096

1581.575

1579.773

Mexico

Peso

16.505

13.840

13.275

13.695

12.943

13.151

Morocco

Dirham

10.206

8.828

8.829

9.064

8.478

8.829

New Zealand

Dollar

1.492

1.255

1.270

1.285

1.316

1.444

Norway

Kroner

8.392

6.558

6.117

6.056

5.835

6.291

Qatar

Rial

3.790

3.794

3.796

3.798

3.791

3.793

Russia

Rouble

63.659

40.118

33.165

32.407

30.626

31.651

Saudi Arabia

Riyal

3.903

3.902

3.901

3.902

3.902

3.906

Singapore

Dollar

1.430

1.318

1.302

1.300

1.308

1.418

South Africa

 

Rand

13.281

11.286

10.037

8.553

7.562

7.638

South Korean

Won

1179.128

1098.233

1142.933

1175.380

1153.728

1206.268

Sweden

Krona

8.775

7.138

6.780

7.048

6.755

7.498

Switzerland

Franc

1.001

0.952

0.964

0.976

0.923

1.085

Taiwan

Dollar

33.089

31.566

30.945

30.849

30.693

32.814

Thailand

Baht

35.679

33.841

32.027

32.456

31.893

33.227

Tunisia

Dinar

2.044

1.771

1.695

1.629

1.469

1.502

Turkey

New Lira

2.834

2.276

1.982

1.874

1.748

1.569

United Arab Emirates

Dirham

3.821

3.821

3.821

3.821

3.821

3.821

United Kingdom

Pound

0.681

0.632

0.665

0.656

0.649

0.673

Venezuela

Bolivar (Fuerte)

6.562

6.555

6.312

4.473

4.474

4.384

 

References/Related Topics

Page Last Reviewed or Updated: 15-Jan-2016