This report details the official U.S. government exchange rates for foreign currencies, crucial for accurate financial reporting across all government agencies. These rates, established under Section 613 of Public Law 87-195, ensure consistency when converting foreign currency amounts to U.S. dollar equivalents in reports. Understanding today’s dollar rate is essential for agencies to accurately reflect the value of their foreign currency holdings and transactions.
These rates apply to a broad range of government financial activities involving foreign currencies, including receipts, disbursements, obligations, and more. This comprehensive approach standardises financial reporting across all government agencies dealing with foreign currencies. Accurate reporting using the current day’s dollar rate is vital for transparency and accountability in government finances.
Certain exceptions exist where specific rates dictated by international agreements or other circumstances apply. For example, collections and refunds may be valued at predetermined rates set by international agreements, while conversions between foreign currencies or sales of foreign currency for dollars follow different rules.
The rates published quarterly reflect the U.S. government’s acquisition cost for foreign currencies for official expenditures, as reported by disbursing officers at each post on the last business day of the preceding month. This provides a consistent benchmark for valuing foreign currency transactions. Knowing today’s dollar rate ensures accurate reporting of transactions involving foreign currencies.
Significant deviations of 10% or more from the published rates trigger amendments to the quarterly report. These amendments, issued with new effective dates, allow for accurate reporting throughout the quarter, reflecting fluctuations in currency values. Staying updated on today’s dollar rate is essential for maintaining accuracy in financial reporting.
While these rates are crucial for consistent reporting, they are not real-time exchange rates and shouldn’t be used for valuing transactions that directly impact dollar appropriations. Their primary function is to ensure uniformity in government reporting, not to reflect the constantly fluctuating market value of foreign currencies. For transactions affecting dollar appropriations, current market rates should be used to determine today’s dollar rate.