Exchange Rates as of December 31, 2025: Treasury Year-End Rates, Fed H.10 and IRS Yearly Averages in One Table

Preparing a 2025 US return or closing a 2025 set of books involves up to three different exchange rate tables, each for a different job. Using the right number in the wrong place is the most common foreign currency error on US filings. This page puts the three tables side by side for the main currencies and says which form each belongs to.

Year-end rates: December 31, 2025

All figures are foreign currency units per one US dollar. Divide a foreign amount by the rate to get dollars.

The Federal Reserve quotes the euro, pound and Australian dollar in dollars per unit (1.1736, 1.3447 and 0.6669 on December 31, 2025); they are inverted here so every column reads the same way.

The two year-end sources differ slightly, and for a reason. Treasury describes its table as reflecting rates "as reported by disbursing officers for each post on the last business day of the month prior to the date of the published report." H.10 rates are noon buying rates in New York on the day itself. The yen shows it: 156.61 against 156.80.

Yearly averages: 2025

The IRS introduces its table with the statement that it "has no official exchange rate" and that "generally, it accepts any posted exchange rate that is used consistently." The table is a convenience, not a requirement.

Which table goes on which form

What the 2025 numbers did to returns

The dollar weakened against most major currencies during 2025. The Treasury euro rate went from 0.961 to 0.851, so a euro balance that did not change was worth 13% more in dollars at the end of 2025 than a year earlier. Two consequences for filers:

• Thresholds. A EUR 9,000 account was $9,365 at the end of 2024 and $10,576 at the end of 2025, crossing the $10,000 FBAR trigger with no deposits. The same effect applies to the Form 8938 thresholds.
• Average versus year-end. The 2025 euro average (0.886) and the year-end rate (0.851) are 4% apart. Converting income at the year-end rate, or an account balance at the average, misstates the figure by that much.

The yen went the other way on average (151.353 to 149.632) but ended the year almost unchanged, and the rupee weakened on both measures.

Notes on the sources

• Treasury Reporting Rates of Exchange are quarterly, dated March 31, June 30, September 30 and December 31. Treasury issues amendments within a quarter when a rate deviates by 10% or more. The December 31, 2025 table has 167 country and currency rows.
• Federal Reserve H.10 covers 23 currencies. There was no rate on December 25, 2025 or January 1, 2026 (federal holidays); December 31, 2025 was a normal publication day.
• IRS yearly averages cover about 40 currencies for the last five calendar years, to three decimals.

Getting all three as data

# in force today
curl "https://allratestoday.com/api/open/central-bank/ustreasury"
curl "https://allratestoday.com/api/open/central-bank/fed"
curl "https://allratestoday.com/api/open/central-bank/irs"

# as of the 2025 year-end, as a spreadsheet for the file
curl -H "Authorization: Bearer YOUR_KEY" \
  "https://allratestoday.com/api/v1/central-bank/ustreasury/2025-12-31?format=xlsx" -o treasury-2025.xlsx
curl -H "Authorization: Bearer YOUR_KEY" \
  "https://allratestoday.com/api/v1/central-bank/fed/2025-12-31?format=xlsx" -o h10-2025-12-31.xlsx

Dated tables and history are on paid plans. Each response carries the table's own date, so the working paper shows which table was used.

FAQ

What was the Treasury exchange rate for the euro on December 31, 2025?

0.851 euros per US dollar in the Treasury Reporting Rates of Exchange, against 0.961 on December 31, 2024.

What was the Treasury exchange rate for the pound on December 31, 2025?

0.743 pounds per US dollar, against 0.797 on December 31, 2024.

What is the IRS yearly average exchange rate for 2025?

For the main currencies: euro 0.886, UK pound 0.759, Canadian dollar 1.398, Japanese yen 149.632, Indian rupee 87.133, Australian dollar 1.551, Swiss franc 0.831, Mexican peso 19.212 and Chinese yuan 7.129, all in units per US dollar.

Which rate do I use for the FBAR for 2025?

The Treasury rate for the last day of the calendar year, which is the Treasury Reporting Rates of Exchange table dated December 31, 2025.

Why do the Treasury and Federal Reserve year-end rates differ?

They measure different things. Treasury's quarterly table reflects rates reported by disbursing officers for the last business day of the prior month, while the Federal Reserve H.10 figure is the noon buying rate in New York on the day.