10:34 am AST 19 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

As of 10:34 am AST, 19 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76449 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30788 CAD

CAD/USD=0.76449   USD/CAD=1.30788

CNH/USD= 0.15260   USD/CNH=6.55179

EUR/USD= 1.18658   USD/EUR=0.84266

DKK/USD =0.15926    USD/DKK=6.27767

NGN/USD= 0.00261    USD/NGN=380.196

JPY/USD=0.00962     USD/JPY=103.91

INR/USD=0.01347       USD/INR=74.1356

JMD/USD=0.00672     USD/JMD=145.831

GYD/USD=0.00469       USD/GYD= 204.981

GHS/USD=0.17095     USD/GHS= 5.80919

XCD/USD=0.37037        USD/XCD= 2.70

KES/USD = 0.00906       USD/KES= 108.367

Source: OANDA

Major political/legal event in the United States

Yesterday, the U.S. Department of the Treasury released the following:

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. 

Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket.

If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not.  Therefore, we encourage businesses to file for forgiveness as soon as possible.

In the case where a PPP loan was expected to be forgiven, and it is not, businesses will be able to deduct those expenses. 

“Today’s guidance provides taxpayers with greater clarity and flexibility,” said Secretary Steven T. Mnuchin.  “These provisions ensure that all small businesses receiving PPP loans are treated fairly, and we continue to encourage borrowers to file for loan forgiveness as quickly as possible.”

Source: U.S. Department of the Treasury

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