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 2021 2020 2019 2018 2017 2016
Afghanistan Afghani 83.484 76.651 77.579 73.598 71.086 70.645
Algeria Dinar 135.011 126.741 119.402 117.409 115.876 114.431
Argentina Peso 95.098 70.635 48.192 28.167 17.227 15.359
Australia Dollar 1.332 1.452 1.439 1.340 1.358 1.400
Bahrain Dinar 0.377 0.377 0.377 0.395 0.395 0.395
Brazil Real 5.395 5.151 3.946 3.655 3.322 3.632
Canada Dollar 1.254 1.341 1.327 1.297 1.350 1.379
Cayman Islands Dollar 0.833 0.833 0.833 0.833 0.884 0.886
China Yuan 6.452 6.900 6.910 6.620 7.030 6.910
Denmark Krone 6.290 6.538 6.670 6.319 6.864 7.000
Egypt Pound 15.697 15.813 16.809 17.809 18.586 10.462
Euro Zone Euro 0.846 0.877 0.893 0.848 0.923 0.940
Hong Kong Dollar 7.773 7.756 7.835 7.838 8.105 8.073
Hungary Forint 303.292 307.766 290.707 270.441 285.583 293.083
Iceland Krona 126.986 135.354 122.571 116.379 111.231 126.256
India Rupee 73.936 74.102 70.394 68.422 67.809 69.956
Iraq Dinar 1460.133 1197.497 1191.254 1193.478 1241.677 1236.453
Israel New Shekel 3.232 3.438 3.563 3.596 3.746 3.997
Japan Yen 109.817 106.725 109.008 110.424 116.667 113.138
Lebanon Pound 1519.228 1510.677 1510.290 1511.677 1593.969 1593.639
Mexico Peso 20.284 21.466 19.246 19.227 19.679 19.435
Morocco Dirham 8.995 9.495 9.614 9.389 10.230 10.279
New Zealand Dollar 1.415 1.540 1.518 1.447 1.465 1.494
Norway Kroner 8.598 9.413 8.802 8.143 8.606 8.745
Qatar Rial 3.644 3.641 3.641 3.642 3.850 3.791
Russia Ruble 73.686 72.299 64.687 62.845 60.692 69.685
Saudi Arabia Riyal 3.751 3.753 3.751 3.753 3.903 3.903
Singapore Dollar 1.344 1.379 1.364 1.349 1.437 1.437
South Africa Rand 14.789 16.458 14.448 13.258 13.859 15.319
South Korean Won 1144.883 1179.199 1165.697 1100.587 1178.585 1211.121
Sweden Krona 8.584 9.205 9.457 8.703 8.894 8.910
Switzerland Franc 0.914 0.939 0.994 0.979 1.024 1.025
Taiwan Dollar 27.932 29.460 30.898 30.152 31.683 33.586
Thailand Baht 31.997 31.271 31.032 32.317 35.372 36.778
Tunisia Dinar 2.778 2.836 2.925 2.71 2.513 2.237
Turkey New Lira 8.904 7.025 5.685 4.849 3.794 3.146
United Arab Emirates Dirham 3.673 3.673 3.673 3.673 3.821 3.821
United Kingdom Pound 0.727 0.779 0.784 0.750 0.808 0.770
Venezuela Bolivar
(Fuerte)
2722.757 236266.507 248486.041 131352.21 10.452 9.447

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