Yearly Average Currency Exchange Rates
Translating foreign currency into U.S. dollars
You must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. The only exception relates to some qualified business units (QBUs) which are generally allowed to use the currency of a foreign country.
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. For example, if you have a single transaction such as the sale of a business that occurred on a single day, use the exchange rate for that day. However, if you receive income evenly throughout the tax year, you may translate the foreign currency to U.S. dollars using the yearly average currency exchange rate for the tax year.
Yearly average currency exchange rates
The table below includes yearly average exchange rates for prior years. It was revised on November 1, 2011, to reflect the typical cash exchange rates for the listed countries and years. For additional exchange rates, refer to Foreign Currency and Currency Exchange Rates.
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.
Country |
Currency |
2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
---|---|---|---|---|---|---|---|
Afghanistan |
Afghani |
48.817 |
48.409 |
53.040 |
50.417 |
52.433 |
50.977 |
Algeria |
Dinar |
76.525 |
78.471 |
77.110 |
68.437 |
73.405 |
78.183 |
Argentina |
Peso |
4.299 |
4.077 |
3.888 |
3.298 |
3.247 |
3.215 |
Australia |
Dollar |
1.008 |
1.134 |
1.332 |
1.245 |
1.243 |
1.382 |
Bahrain |
Dinar |
0.394 |
0.394 |
0.394 |
0.394 |
0.394 |
0.395 |
Brazil |
Real |
1.742 |
1.838 |
2.008 |
1.914 |
2.030 |
2.267 |
Canada |
Dollar |
1.029 |
1.072 |
1.187 |
1.109 |
1.117 |
1.180 |
Cayman Islands |
Dollar |
0.868 |
0.868 |
0.856 |
0.867 |
0.867 |
0.867 |
China |
Yuan |
6.732 |
7.050 |
7.115 |
7.241 |
7.922 |
8.301 |
Denmark |
Krone |
5.571 |
5.847 |
5.570 |
5.299 |
5.663 |
6.183 |
Egypt |
Pound |
6.211 |
5.908 |
5.825 |
5.715 |
5.950 |
6.050 |
Euro Zone |
Euro |
0.748 |
0.785 |
0.748 |
0.711 |
0.760 |
0.829 |
Hong Kong |
Dollar |
8.096 |
8.080 |
8.062 |
8.091 |
8.115 |
8.080 |
Hungary |
Forint |
209.338 |
216.583 |
210.463 |
179.603 |
191.379 |
219.263 |
Iceland |
Krona |
120.906 |
129.851 |
130.043 |
92.133 |
66.799 |
72.906 |
India |
Rupee |
49.124 |
47.774 |
50.804 |
45.567 |
43.011 |
47.132 |
Iraq |
Dinar |
1230.715 |
1230.020 |
1228.033 |
1262.118 |
1343.336 |
1577.263 |
Israel |
New Shekel |
3.724 |
3.887 |
4.089 |
3.735 |
4.279 |
4.646 |
Japan |
Yen |
82.931 |
91.342 |
97.361 |
107.605 |
122.527 |
122.527 |
Lebanon |
Pound |
1581.575 |
1579.773 |
1585.339 |
1587.847 |
1598.145 |
1604.305 |
Mexico |
Peso |
12.943 |
13.151 |
14.058 |
11.612 |
11.374 |
11.352 |
Morocco |
Dirham |
8.478 |
8.829 |
8.474 |
8.115 |
8.590 |
9.265 |
New Zealand |
Dollar |
1.316 |
1.444 |
1.663 |
1.482 |
1.416 |
1.605 |
Norway |
Kroner |
5.835 |
6.291 |
6.550 |
5.873 |
6.099 |
6.672 |
Qatar |
Rial |
3.791 |
3.793 |
3.792 |
3.794 |
3.797 |
3.803 |
Russia |
Rouble |
30.626 |
31.651 |
33.088 |
25.865 |
26.603 |
28.277 |
Saudi Arabia |
Riyal |
3.902 |
3.906 |
3.904 |
3.907 |
3.899 |
3.900 |
Singapore |
Dollar |
1.308 |
1.418 |
1.513 |
1.472 |
1.567 |
1.653 |
South Africa |
Rand |
7.562 |
7.638 |
8.782 |
8.606 |
7.352 |
7.060 |
South Korean |
Won |
1153.728 |
1206.268 |
1330.240 |
1146.949 |
972.681 |
1008.698 |
Sweden |
Krona |
6.755 |
7.498 |
7.958 |
6.857 |
7.030 |
7.674 |
Switzerland |
Franc |
0.923 |
1.085 |
1.129 |
1.126 |
1.248 |
1.304 |
Taiwan |
Dollar |
30.693 |
32.814 |
34.389 |
32.818 |
34.198 |
33.858 |
Thailand |
Baht |
31.893 |
33.227 |
35.953 |
34.603 |
33.831 |
39.506 |
Tunisia |
Dinar |
1.469 |
1.502 |
1.410 |
1.299 |
1.346 |
1.396 |
Turkey |
New Lira |
1.748 |
1.569 |
1.619 |
1.358 |
1.364 |
1.501 |
United Arab Emirates |
Dirham |
3.821 |
3.821 |
3.821 |
3.821 |
3.820 |
3.821 |
United Kingdom |
Pound |
0.649 |
0.673 |
0.667 |
0.567 |
0.520 |
0.565 |
Venezuela |
Bolivar (Fuerte) |
4.474 |
4.384 |
2.238 |
2.239 |
2234.842 |
2234.997 |