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Foreign currency conversion

Financial Reporting

For foreign travel I paid money of USD 3000. Assuming travel expense from 25th February to 7th March is USD 1500. The exchange rate for this expense need not be constant through the period. So how to decide exchange rate for the expense.

swaminathan sundaram

CA Final

★ 110

07-May-24 11:33

Answers (4)

Use average rate of the week or a month if the exchange rates doesn't fluctuates significantly.

Srini Sriram

CA Final

★ 3K+

07-May-24 11:53

Either take based on actual dates of expenditure. Or take an average rate.

CA Suraj Lakhotia

Admin

07-May-24 14:00

From which website I have to take exchange rate

Thread Starter

swaminathan sundaram

CA Final

★ 110

07-May-24 14:06

Thread Starter

swaminathan sundaram

From which website I have to take exchange rate

You can take from RBI - FBIL rate.

CA Suraj Lakhotia

Admin

07-May-24 14:11

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