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Historical FX rates

Historical FX rates refer to past foreign exchange rates used to convert one currency into another at a specific point in time. These rates are essential for accurately reporting foreign income, calculating capital gains, or converting overseas transactions into US dollars.

IRS currency exchange rates

The Internal Revenue Service (IRS) does not provide an official exchange rate. However, it accepts any publicly available FX rate, as long as it is applied consistently.

When converting foreign currency, the appropriate exchange rate depends on the specific circumstances of the transaction:

  • For a one-time event, such as the sale of a business on a specific date, use the exchange rate for that day.
  • For recurring income received throughout the tax year, you may use the IRS’s yearly average exchange rate to convert foreign currency into US dollars.

Yearly average exchange rates for converting foreign currencies into US dollars

The table below provides yearly average currency exchange rates for previous years. It was last updated on April 2, 2025, to reflect typical cash exchange rates for the listed countries and years. For additional guidance, refer to this page: IRS yearly exchange rate.

To convert:

  • From foreign currency to US dollars, divide the foreign currency amount by the applicable yearly average FX rate.
  • From US dollars to foreign currency, multiply the US dollar amount by the applicable exchange rate.
Country Currency 2024 2023 2022 2021 2020
AfghanistanAfghani70.64982.63590.08483.48476.651
AlgeriaDinar134.124135.933142.123135.011126.741
ArgentinaPeso915.161296.154130.79295.09870.635
AustraliaDollar1.5161.5061.4421.3321.452
BahrainDinar0.3770.3770.3770.3770.377
BrazilReal5.3924.9945.1655.3955.151
CanadaDollar1.3701.3501.3011.2541.341
Cayman IslandsDollar0.8330.8330.8330.8330.833
ChinaYuan7.1897.0756.7306.4526.900
DenmarkKrone6.8966.8907.0776.2906.538
EgyptPound45.34530.65119.20815.69715.813
Euro ZoneEuro0.9240.9240.9510.8460.877
Hong KongDollar7.8037.8297.8317.7737.756
HungaryForint365.603353.020372.775303.292307.766
IcelandKrona137.958137.857135.296126.986135.354
IndiaRupee83.67782.57278.59873.93674.102
IraqDinar1309.7441376.5291459.511460.1331197.497
IsraelNew Shekel3.7013.6873.3613.2323.438
JapanYen151.353140.511131.454109.817106.725
LebanonPound78958.61113730.9881515.6691519.2281510.677
MexicoPeso18.33017.73320.11020.28421.466
MoroccoDirham9.93710.13410.2758.9959.495
New ZealandDollar1.6541.6301.5781.4151.540
NorwayKroner10.75610.5649.6198.5989.413
QatarRial3.6433.6433.6443.6443.641
RussiaRuble92.83785.50969.89673.68672.299
Saudi ArabiaRiyal3.7523.7523.7553.7513.753
SingaporeDollar1.3361.3431.3791.3441.379
South AfricaRand18.32618.45716.37714.78916.458
South KoreaWon1364.1531306.6861291.7291144.8831179.199
SwedenKrona10.57710.61310.1228.5849.205
SwitzerlandFranc0.8810.8990.9550.9140.939
TaiwanDollar32.11731.16029.81327.93229.461
ThailandBaht35.26734.80235.04431.99731.271
TunisiaDinar3.1113.1033.0822.7782.836
TurkeyNew Lira32.86723.82416.5728.9047.025
United Arab EmiratesDirham3.6733.6733.6733.6733.673
United KingdomPound0.7830.8040.8110.7270.779
VenezuelaBolivar (Fuerte)3833558362078.02863377461538.5666470505836.6232298866894.8236266.507