Hello

Please advise if I need to report account balance of an account that I closed in 2016. Also please advise on the exchange rate that is applicable to convert foreign balances to USD. Thanks.

Exchange rates vary daily. You have to figure that out on your own.

YES, you must report the highest balance of the account closed in 2016.

For FBAR, you use the exchange rate on 31 December 2016.

You can find the exchange rate at the link below:

https://www.irs.gov/businesses/small-businesses-self-employed/treasury-department-end-of-year-exchange-rates