2020 IRS Foreign Currency Average Annual Exchange Rates

2020 IRS Foreign Currency Average Annual Exchange Rates

2020 IRS Average Yearly Foreign Currency Exchange Rates

2020 IRS Foreign Currency Average Annual Exchange Rates: Each year, the IRS publishes its annual average exchange rates for taxpayers to use when converting or translating foreign income into USD.  It should be noted that the Internal Revenue Service does not require taxpayers to use any specific exchange rate. The exhcange rate should be reasonable, as to not bring on any unnecessary scrutiny from the. Recently, they published the average exchange rate for the tax year 2020, which has been reproduced below. As provided 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.

2020 IRS Foreign Income Exchange Table 

Country

Currency

2020

2019

2018

2017

2016

2015

Afghanistan

Afghani 76.651 77.579 73.598

71.086

70.645

63.653

Algeria

Dinar 126.741 119.402 117.409

115.876

114.431

104.883

Argentina

Peso 70.635 48.192 28.167

17.227

15.359

9.617

Australia

Dollar 1.452 1.439 1.340

1.358

1.400

1.345

Bahrain

Dinar 0.377 0.377 0.395

0.395

0.395

0.395

Brazil

Real 5.151 3.946 3.655

3.322

3.632

3.468

Canada

Dollar 1.341 1.327 1.297

1.350

1.379

1.329

Cayman Islands

Dollar 0.833 0.833 0.833

0.884

0.886

0.885

China

Yuan 6.900 6.910 6.620

7.030

6.910

6.489

Denmark

Krone 6.538 6.670 6.319

6.864

7.000

6.991

Egypt

Pound 15.813 16.809 17.809

18.586

10.462

8.044

Euro Zone

Euro 0.877 0.893 0.848

0.923

0.940

0.937

Hong Kong

Dollar 7.756 7.835 7.838

8.105

8.073

8.062

Hungary

Forint 307.766 290.707 270.441

285.583

293.083

290.638

Iceland

Krona 135.354 122.571 116.379

111.231

126.256

137.471

India

Rupee 74.102 70.394 68.422

67.809

69.956

66.768

Iraq

Dinar 1197.497 1191.254 1193.478

1241.677

1236.453

1231.234

Israel

New Shekel 3.438 3.563 3.596

3.746

3.997

4.052

Japan

Yen 106.725 109.008 110.424

116.667

113.138

125.911

Lebanon

Pound 1510.677 1510.290 1511.677

1593.969

1593.639

1588.880

Mexico

Peso 21.466 19.246 19.227

19.679

19.435

16.505

Morocco

Dirham 9.495 9.614 9.389

10.230

10.279

10.206

New Zealand

Dollar 1.540 1.518 1.447

1.465

1.494

1.492

Norway

Kroner 9.413 8.802 8.143

8.606

8.745

8.392

Qatar

Rial 3.641 3.641 3.642

3.850

3.791

3.790

Russia

Rouble 72.299 64.687 62.845

60.692

69.685

63.659

Saudi Arabia

Riyal 3.753 3.751 3.753

3.903

3.903

3.903

Singapore

Dollar 1.379 1.364 1.349

1.437

1.437

1.430

South Africa

  Rand 16.458 14.448 13.258

13.859

15.319

13.281

South Korean

Won 1179.199 1165.697 1100.587

1178.585

1211.121

1179.128

Sweden

Krona 9.205 9.457 8.703

8.894

8.910

8.775

Switzerland

Franc 0.939 0.994 0.979

1.024

1.025

1.001

Taiwan

Dollar 29.460 30.898 30.152

31.683

33.586

33.089

Thailand

Baht 31.271 31.032 32.317

35.372

36.778

35.679

Tunisia

Dinar 2.836 2.925 2.71

2.513

2.237

2.044

Turkey

New Lira 7.025 5.685 4.849

3.794

3.146

2.834

United Arab Emirates

Dirham 3.673 3.673 3.673

3.821

3.821

3.821

United Kingdom

Pound 0.779 0.784 0.750

0.808

0.770

0.681

Venezuela Bolivar (Fuerte) 236266.507 248486.041 131352.21 10.452 9.447 6.562

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