Foreign Exchange Rate on 31.03.11

Hii Atul,

Closing rates are confimred by banks and different banks have different closing rates with minor differences and while converting if both bid and ask rate are there then we we use bid rate to convert liabilities (to be conservative) and ask rate to convert Assets (again to be conservative). This is the accurate way of translating.

But many compaies use just one rate for translating Assets and liabilities that is also correct.

Regards,

Ankit