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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 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

2018

2017

2016

2015

2014

2013

Afghanistan

Afghani 73.598

71.086

70.645

63.653

59.771

57.822

Algeria

Dinar 117.409

115.876

114.431

104.883

84.242

83.339

Argentina

Peso 28.167

17.227

15.359

9.617

8.448

5.704

Australia

Dollar 1.340

1.358

1.400

1.345

1.154

1.078

Bahrain

Dinar 0.395

0.395

0.395

0.395

0.394

0.395

Brazil

Real 3.655

3.322

3.632

3.468

2.451

2.249

Canada

Dollar 1.297

1.350

1.379

1.329

1.149

1.071

Cayman Islands

Dollar 0.833

0.884

0.886

0.885

0.883

0.873

China

Yuan 6.620

7.030

6.910

6.489

6.394

6.446

Denmark

Krone 6.319

6.864

7.000

6.991

5.844

5.843

Egypt

Pound 17.809

18.586

10.462

8.044

7.399

7.185

Euro Zone

Euro 0.848

0.923

0.940

0.937

0.784

0.783

Hong Kong

Dollar 7.838

8.105

8.073

8.062

8.065

8.067

Hungary

Forint 270.441

285.583

293.083

290.638

242.076

232.771

Iceland

Krona 116.379

111.231

126.256

137.471

121.574

127.323

India

Rupee 68.422

67.809

69.956

66.768

63.469

60.936

Iraq

Dinar 1193.478

1241.677

1236.453

1231.234

1228.786

1225.266

Israel

New Shekel 3.596

3.746

3.997

4.052

3.723

3.759

Japan

Yen 110.424

116.667

113.138

125.911

110.101

101.517

Lebanon

Pound 1511.677

1593.969

1593.639

1588.880

1591.284

1589.155

Mexico

Peso 19.227

19.679

19.435

16.505

13.840

13.275

Morocco

Dirham 9.389

10.230

10.279

10.206

8.828

8.829

New Zealand

Dollar 1.447

1.465

1.494

1.492

1.255

1.270

Norway

Kroner 8.143

8.606

8.745

8.392

6.558

6.117

Qatar

Rial 3.642

3.850

3.791

3.790

3.794

3.796

Russia

Rouble 62.845

60.692

69.685

63.659

40.118

33.165

Saudi Arabia

Riyal 3.753

3.903

3.903

3.903

3.902

3.901

Singapore

Dollar 1.349

1.437

1.437

1.430

1.318

1.302

South Africa

 

Rand

13.258

13.859

15.319

13.281

11.286

10.037

South Korean

Won 1100.587

1178.585

1211.121

1179.128

1098.233

1142.933

Sweden

Krona 8.703

8.894

8.910

8.775

7.138

6.780

Switzerland

Franc 0.979

1.024

1.025

1.001

0.952

0.964

Taiwan

Dollar 30.152

31.683

33.586

33.089

31.566

30.945

Thailand

Baht 32.317

35.372

36.778

35.679

33.841

32.027

Tunisia

Dinar 2.71

2.513

2.237

2.044

1.771

1.695

Turkey

New Lira 4.849

3.794

3.146

2.834

2.276

1.982

United Arab Emirates

Dirham 3.673

3.821

3.821

3.821

3.821

3.821

United Kingdom

Pound 0.750

0.808

0.770

0.681

0.632

0.665

 

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