IRS Yearly Average Currency Exchange Rates Now Published

by Gina Gatchell | Feb 11, 2026 | Articles

The IRS has released the yearly average currency exchange rates for 2025. These are the IRS-approved rates, country-by-country, to be used for certain foreign currency translations required in the preparation of U.S. tax returns.

They exist to enable filers of U.S. tax returns to use one translation rate to convert foreign currency-denominated income and expenses to U.S. dollars for inclusion in the tax return.

These rates do not apply for FBAR purposes, for which separate rates are published annual by the U.S. Treasury Department. Also, where a taxpayer has foreign currency gain or loss on a foreign currency transaction, they must follow regulations under section 988 of the Internal Revenue Code. In that situation, average exchange rates should not be used, and the regulations must be followed.

Taxpayers are not obligated to follow the yearly average rates issued by the IRS. Any published exchange rate is acceptable to the IRS – provided that this alternative method of doing so is used consistently.

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