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

Afghani76.65177.57973.598

71.086

70.645

63.653

Algeria

Dinar126.741119.402117.409

115.876

114.431

104.883

Argentina

Peso70.63548.19228.167

17.227

15.359

9.617

Australia

Dollar1.4521.4391.340

1.358

1.400

1.345

Bahrain

Dinar0.3770.3770.395

0.395

0.395

0.395

Brazil

Real5.1513.9463.655

3.322

3.632

3.468

Canada

Dollar1.3411.3271.297

1.350

1.379

1.329

Cayman Islands

Dollar0.8330.8330.833

0.884

0.886

0.885

China

Yuan6.9006.9106.620

7.030

6.910

6.489

Denmark

Krone6.5386.6706.319

6.864

7.000

6.991

Egypt

Pound15.81316.80917.809

18.586

10.462

8.044

Euro Zone

Euro0.8770.8930.848

0.923

0.940

0.937

Hong Kong

Dollar7.7567.8357.838

8.105

8.073

8.062

Hungary

Forint307.766290.707270.441

285.583

293.083

290.638

Iceland

Krona135.354122.571116.379

111.231

126.256

137.471

India

Rupee74.10270.39468.422

67.809

69.956

66.768

Iraq

Dinar1197.4971191.2541193.478

1241.677

1236.453

1231.234

Israel

New Shekel3.4383.5633.596

3.746

3.997

4.052

Japan

Yen106.725109.008110.424

116.667

113.138

125.911

Lebanon

Pound1510.6771510.2901511.677

1593.969

1593.639

1588.880

Mexico

Peso21.46619.24619.227

19.679

19.435

16.505

Morocco

Dirham9.4959.6149.389

10.230

10.279

10.206

New Zealand

Dollar1.5401.5181.447

1.465

1.494

1.492

Norway

Kroner9.4138.8028.143

8.606

8.745

8.392

Qatar

Rial3.6413.6413.642

3.850

3.791

3.790

Russia

Rouble72.29964.68762.845

60.692

69.685

63.659

Saudi Arabia

Riyal3.7533.7513.753

3.903

3.903

3.903

Singapore

Dollar1.3791.3641.349

1.437

1.437

1.430

South Africa

  Rand16.45814.44813.258

13.859

15.319

13.281

South Korean

Won1179.1991165.6971100.587

1178.585

1211.121

1179.128

Sweden

Krona9.2059.4578.703

8.894

8.910

8.775

Switzerland

Franc0.9390.9940.979

1.024

1.025

1.001

Taiwan

Dollar29.46030.89830.152

31.683

33.586

33.089

Thailand

Baht31.27131.03232.317

35.372

36.778

35.679

Tunisia

Dinar2.8362.9252.71

2.513

2.237

2.044

Turkey

New Lira7.0255.6854.849

3.794

3.146

2.834

United Arab Emirates

Dirham3.6733.6733.673

3.821

3.821

3.821

United Kingdom

Pound0.7790.7840.750

0.808

0.770

0.681

VenezuelaBolivar (Fuerte)236266.507248486.041131352.2110.4529.4476.562

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