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
Afghanistan	Afghani	70.649	82.635	90.084	83.484	76.651
Algeria	Dinar	134.124	135.933	142.123	135.011	126.741
Argentina	Peso	915.161	296.154	130.792	95.098	70.635
Australia	Dollar	1.516	1.506	1.442	1.332	1.452
Bahrain	Dinar	0.377	0.377	0.377	0.377	0.377
Brazil	Real	5.392	4.994	5.165	5.395	5.151
Canada	Dollar	1.370	1.350	1.301	1.254	1.341
Cayman Islands	Dollar	0.833	0.833	0.833	0.833	0.833
China	Yuan	7.189	7.075	6.730	6.452	6.900
Denmark	Krone	6.896	6.890	7.077	6.290	6.538
Egypt	Pound	45.345	30.651	19.208	15.697	15.813
Euro Zone	Euro	0.924	0.924	0.951	0.846	0.877
Hong Kong	Dollar	7.803	7.829	7.831	7.773	7.756
Hungary	Forint	365.603	353.020	372.775	303.292	307.766
Iceland	Krona	137.958	137.857	135.296	126.986	135.354
India	Rupee	83.677	82.572	78.598	73.936	74.102
Iraq	Dinar	1309.744	1376.529	1459.51	1460.133	1197.497
Israel	New Shekel	3.701	3.687	3.361	3.232	3.438
Japan	Yen	151.353	140.511	131.454	109.817	106.725
Lebanon	Pound	78958.611	13730.988	1515.669	1519.228	1510.677
Mexico	Peso	18.330	17.733	20.110	20.284	21.466
Morocco	Dirham	9.937	10.134	10.275	8.995	9.495
New Zealand	Dollar	1.654	1.630	1.578	1.415	1.540
Norway	Kroner	10.756	10.564	9.619	8.598	9.413
Qatar	Rial	3.643	3.643	3.644	3.644	3.641
Russia	Ruble	92.837	85.509	69.896	73.686	72.299
Saudi Arabia	Riyal	3.752	3.752	3.755	3.751	3.753
Singapore	Dollar	1.336	1.343	1.379	1.344	1.379
South Africa	Rand	18.326	18.457	16.377	14.789	16.458
South Korea	Won	1364.153	1306.686	1291.729	1144.883	1179.199
Sweden	Krona	10.577	10.613	10.122	8.584	9.205
Switzerland	Franc	0.881	0.899	0.955	0.914	0.939
Taiwan	Dollar	32.117	31.160	29.813	27.932	29.461
Thailand	Baht	35.267	34.802	35.044	31.997	31.271
Tunisia	Dinar	3.111	3.103	3.082	2.778	2.836
Turkey	New Lira	32.867	23.824	16.572	8.904	7.025
United Arab Emirates	Dirham	3.673	3.673	3.673	3.673	3.673
United Kingdom	Pound	0.783	0.804	0.811	0.727	0.779
Venezuela	Bolivar (Fuerte)	3833558362078.0	2863377461538.5	666470505836.6	232298866894.8	236266.507