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| Meta Title | Yearly average currency exchange rates | Internal Revenue Service |
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| Boilerpipe Text | 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
2025
2024
2023
2022
2021
Afghanistan
Afghani
69.637
70.649
82.635
90.084
83.484
Algeria
Dinar
131.627
134.124
135.933
142.123
135.011
Argentina
Peso
1243.369
915.161
296.154
130.792
95.098
Australia
Dollar
1.551
1.516
1.506
1.442
1.332
Bahrain
Dinar
0.377
0.377
0.377
0.377
0.377
Brazil
Real
5.593
5.392
4.994
5.165
5.395
Canada
Dollar
1.398
1.370
1.350
1.301
1.254
Cayman Islands
Dollar
0.821
0.833
0.833
0.833
0.833
China
Yuan
7.129
7.189
7.075
6.730
6.452
Denmark
Krone
6.617
6.896
6.890
7.077
6.290
Egypt
Pound
49.233
45.345
30.651
19.208
15.697
Euro Zone
Euro
0.886
0,924
0.924
0.951
0.846
Hong Kong
Dollar
7.796
7.803
7.829
7.831
7.773
Hungary
Forint
352.869
365.603
353.020
372.775
303.292
Iceland
Krona
128.262
137.958
137.857
135.296
126.986
India
Rupee
87.133
83.677
82.572
78.598
73.936
Iraq
Dinar
1309.753
1309.744
1376.529
1459.51
1460.133
Israel
New Shekel
3.451
3.701
3.687
3.361
3.232
Japan
Yen
149.632
151.353
140.511
131.454
109.817
Lebanon
Pound
89568.540
78958.611
13730.988
1515.669
1519.228
Mexico
Peso
19.212
18.330
17.733
20.110
20.284
Morocco
Dirham
9.344
9.937
10.134
10.275
8.995
New Zealand
Dollar
1.719
1.654
1.630
1.578
1.415
Norway
Kroner
10.392
10.756
10.564
9.619
8.598
Qatar
Rial
3.643
3.643
3.643
3.644
3.644
Russia
Ruble
83.755
92.837
85.509
69.896
.73.686
Saudi Arabia
Riyal
3.751
3.752
3.752
3.755
3.751
Singapore
Dollar
1.307
1.336
1.343
1.379
1.344
South Africa
Rand
17.884
18.326
18.457
16.377
14.789
South Korean
Won
1421.779
1364.153
1306.686
1291.729
1144.883
Sweden
Krona
9.813
10.577
10.613
10.122
8.584
Switzerland
Franc
0.831
0.881
0.899
0.955
0.914
Taiwan
Dollar
31.167
32.117
31.160
29.813
27.932
Thailand
Baht
32.870
35.267
34.802
35.044
31.997
Tunisia
Dinar
2.996
3.111
3.103
3.082
2.778
Turkey
New Lira
39.546
32.867
23.824
16.572
8.904
United Arab Emirates
Dirham
3.673
3.673
3.673
3.673
3.673
United Kingdom
Pound
0.759
0.783
0.804
0.811
0.727
Venezuela
Bolivar (Fuerte)
13057596875331350.0
3833558362078.0
2863377461538.5
666470505836.6
232298866894.8
Related
Foreign currency and currency exchange rates |
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4. Yearly average currency exchange rates
# Yearly average currency exchange rates
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## 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)](https://www.irs.gov/irb/2006-42_IRB "Internal Revenue Bulletin: 2006-42"), 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](https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates "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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| **Afghanistan** | Afghani | 69\.637 | 70\.649 | 82\.635 | 90\.084 | 83\.484 |
| **Algeria** | Dinar | 131\.627 | 134\.124 | 135\.933 | 142\.123 | 135\.011 |
| **Argentina** | Peso | 1243\.369 | 915\.161 | 296\.154 | 130\.792 | 95\.098 |
| **Australia** | Dollar | 1\.551 | 1\.516 | 1\.506 | 1\.442 | 1\.332 |
| **Bahrain** | Dinar | 0\.377 | 0\.377 | 0\.377 | 0\.377 | 0\.377 |
| **Brazil** | Real | 5\.593 | 5\.392 | 4\.994 | 5\.165 | 5\.395 |
| **Canada** | Dollar | 1\.398 | 1\.370 | 1\.350 | 1\.301 | 1\.254 |
| **Cayman Islands** | Dollar | 0\.821 | 0\.833 | 0\.833 | 0\.833 | 0\.833 |
| **China** | Yuan | 7\.129 | 7\.189 | 7\.075 | 6\.730 | 6\.452 |
| **Denmark** | Krone | 6\.617 | 6\.896 | 6\.890 | 7\.077 | 6\.290 |
| **Egypt** | Pound | 49\.233 | 45\.345 | 30\.651 | 19\.208 | 15\.697 |
| **Euro Zone** | Euro | 0\.886 | 0,924 | 0\.924 | 0\.951 | 0\.846 |
| **Hong Kong** | Dollar | 7\.796 | 7\.803 | 7\.829 | 7\.831 | 7\.773 |
| **Hungary** | Forint | 352\.869 | 365\.603 | 353\.020 | 372\.775 | 303\.292 |
| **Iceland** | Krona | 128\.262 | 137\.958 | 137\.857 | 135\.296 | 126\.986 |
| **India** | Rupee | 87\.133 | 83\.677 | 82\.572 | 78\.598 | 73\.936 |
| **Iraq** | Dinar | 1309\.753 | 1309\.744 | 1376\.529 | 1459\.51 | 1460\.133 |
| **Israel** | New Shekel | 3\.451 | 3\.701 | 3\.687 | 3\.361 | 3\.232 |
| **Japan** | Yen | 149\.632 | 151\.353 | 140\.511 | 131\.454 | 109\.817 |
| **Lebanon** | Pound | 89568\.540 | 78958\.611 | 13730\.988 | 1515\.669 | 1519\.228 |
| **Mexico** | Peso | 19\.212 | 18\.330 | 17\.733 | 20\.110 | 20\.284 |
| **Morocco** | Dirham | 9\.344 | 9\.937 | 10\.134 | 10\.275 | 8\.995 |
| **New Zealand** | Dollar | 1\.719 | 1\.654 | 1\.630 | 1\.578 | 1\.415 |
| **Norway** | Kroner | 10\.392 | 10\.756 | 10\.564 | 9\.619 | 8\.598 |
| **Qatar** | Rial | 3\.643 | 3\.643 | 3\.643 | 3\.644 | 3\.644 |
| **Russia** | Ruble | 83\.755 | 92\.837 | 85\.509 | 69\.896 | .73.686 |
| **Saudi Arabia** | Riyal | 3\.751 | 3\.752 | 3\.752 | 3\.755 | 3\.751 |
| **Singapore** | Dollar | 1\.307 | 1\.336 | 1\.343 | 1\.379 | 1\.344 |
| **South Africa** | Rand | 17\.884 | 18\.326 | 18\.457 | 16\.377 | 14\.789 |
| **South Korean** | Won | 1421\.779 | 1364\.153 | 1306\.686 | 1291\.729 | 1144\.883 |
| **Sweden** | Krona | 9\.813 | 10\.577 | 10\.613 | 10\.122 | 8\.584 |
| **Switzerland** | Franc | 0\.831 | 0\.881 | 0\.899 | 0\.955 | 0\.914 |
| **Taiwan** | Dollar | 31\.167 | 32\.117 | 31\.160 | 29\.813 | 27\.932 |
| **Thailand** | Baht | 32\.870 | 35\.267 | 34\.802 | 35\.044 | 31\.997 |
| **Tunisia** | Dinar | 2\.996 | 3\.111 | 3\.103 | 3\.082 | 2\.778 |
| **Turkey** | New Lira | 39\.546 | 32\.867 | 23\.824 | 16\.572 | 8\.904 |
| **United Arab Emirates** | Dirham | 3\.673 | 3\.673 | 3\.673 | 3\.673 | 3\.673 |
| **United Kingdom** | Pound | 0\.759 | 0\.783 | 0\.804 | 0\.811 | 0\.727 |
| **Venezuela** | Bolivar (Fuerte) | 13057596875331350.0 | 3833558362078.0 | 2863377461538.5 | 666470505836.6 | 232298866894.8 |
## Related
- [Foreign currency and currency exchange rates](https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates "Foreign currency and currency exchange rates")
### Small Business/Self-Employed
[Industries Professions](https://www.irs.gov/businesses/small-businesses-self-employed/industries-professions-and-business-tax-centers)
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Page Last Reviewed or Updated: 24-Feb-2026
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| Readable Markdown | ## 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)](https://www.irs.gov/irb/2006-42_IRB "Internal Revenue Bulletin: 2006-42"), 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](https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates "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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| **Afghanistan** | Afghani | 69\.637 | 70\.649 | 82\.635 | 90\.084 | 83\.484 |
| **Algeria** | Dinar | 131\.627 | 134\.124 | 135\.933 | 142\.123 | 135\.011 |
| **Argentina** | Peso | 1243\.369 | 915\.161 | 296\.154 | 130\.792 | 95\.098 |
| **Australia** | Dollar | 1\.551 | 1\.516 | 1\.506 | 1\.442 | 1\.332 |
| **Bahrain** | Dinar | 0\.377 | 0\.377 | 0\.377 | 0\.377 | 0\.377 |
| **Brazil** | Real | 5\.593 | 5\.392 | 4\.994 | 5\.165 | 5\.395 |
| **Canada** | Dollar | 1\.398 | 1\.370 | 1\.350 | 1\.301 | 1\.254 |
| **Cayman Islands** | Dollar | 0\.821 | 0\.833 | 0\.833 | 0\.833 | 0\.833 |
| **China** | Yuan | 7\.129 | 7\.189 | 7\.075 | 6\.730 | 6\.452 |
| **Denmark** | Krone | 6\.617 | 6\.896 | 6\.890 | 7\.077 | 6\.290 |
| **Egypt** | Pound | 49\.233 | 45\.345 | 30\.651 | 19\.208 | 15\.697 |
| **Euro Zone** | Euro | 0\.886 | 0,924 | 0\.924 | 0\.951 | 0\.846 |
| **Hong Kong** | Dollar | 7\.796 | 7\.803 | 7\.829 | 7\.831 | 7\.773 |
| **Hungary** | Forint | 352\.869 | 365\.603 | 353\.020 | 372\.775 | 303\.292 |
| **Iceland** | Krona | 128\.262 | 137\.958 | 137\.857 | 135\.296 | 126\.986 |
| **India** | Rupee | 87\.133 | 83\.677 | 82\.572 | 78\.598 | 73\.936 |
| **Iraq** | Dinar | 1309\.753 | 1309\.744 | 1376\.529 | 1459\.51 | 1460\.133 |
| **Israel** | New Shekel | 3\.451 | 3\.701 | 3\.687 | 3\.361 | 3\.232 |
| **Japan** | Yen | 149\.632 | 151\.353 | 140\.511 | 131\.454 | 109\.817 |
| **Lebanon** | Pound | 89568\.540 | 78958\.611 | 13730\.988 | 1515\.669 | 1519\.228 |
| **Mexico** | Peso | 19\.212 | 18\.330 | 17\.733 | 20\.110 | 20\.284 |
| **Morocco** | Dirham | 9\.344 | 9\.937 | 10\.134 | 10\.275 | 8\.995 |
| **New Zealand** | Dollar | 1\.719 | 1\.654 | 1\.630 | 1\.578 | 1\.415 |
| **Norway** | Kroner | 10\.392 | 10\.756 | 10\.564 | 9\.619 | 8\.598 |
| **Qatar** | Rial | 3\.643 | 3\.643 | 3\.643 | 3\.644 | 3\.644 |
| **Russia** | Ruble | 83\.755 | 92\.837 | 85\.509 | 69\.896 | .73.686 |
| **Saudi Arabia** | Riyal | 3\.751 | 3\.752 | 3\.752 | 3\.755 | 3\.751 |
| **Singapore** | Dollar | 1\.307 | 1\.336 | 1\.343 | 1\.379 | 1\.344 |
| **South Africa** | Rand | 17\.884 | 18\.326 | 18\.457 | 16\.377 | 14\.789 |
| **South Korean** | Won | 1421\.779 | 1364\.153 | 1306\.686 | 1291\.729 | 1144\.883 |
| **Sweden** | Krona | 9\.813 | 10\.577 | 10\.613 | 10\.122 | 8\.584 |
| **Switzerland** | Franc | 0\.831 | 0\.881 | 0\.899 | 0\.955 | 0\.914 |
| **Taiwan** | Dollar | 31\.167 | 32\.117 | 31\.160 | 29\.813 | 27\.932 |
| **Thailand** | Baht | 32\.870 | 35\.267 | 34\.802 | 35\.044 | 31\.997 |
| **Tunisia** | Dinar | 2\.996 | 3\.111 | 3\.103 | 3\.082 | 2\.778 |
| **Turkey** | New Lira | 39\.546 | 32\.867 | 23\.824 | 16\.572 | 8\.904 |
| **United Arab Emirates** | Dirham | 3\.673 | 3\.673 | 3\.673 | 3\.673 | 3\.673 |
| **United Kingdom** | Pound | 0\.759 | 0\.783 | 0\.804 | 0\.811 | 0\.727 |
| **Venezuela** | Bolivar (Fuerte) | 13057596875331350.0 | 3833558362078.0 | 2863377461538.5 | 666470505836.6 | 232298866894.8 |
## Related
- [Foreign currency and currency exchange rates](https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates "Foreign currency and currency exchange rates") |
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