UD Stock at cost of Popular Impex on 31st of March 2005 was valued at the cost of $2000 being purchased on 31st of December 2004 "The currency rates of exchange were: &1 = Rs. 49 on 31st March 2005 $1 = Rs. 45 on 31st December 2004 The market value on 31st March 2005 of the stock was higher than its cost when Popular Impex paid. Show the Journal Entries in the books of Popular Impex oni relevant date.
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The Reserve Bank of India’s Reference Rate for the US Dollar is ₹ 64.8386 on March 31, 2017.
The corresponding rate for the previous day (March 30, 2017) was ₹ 64.9325.
Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY against the Rupee are given below:
Currency Date
March 30, 2017 March 31, 2017
1 EUR 69.8739 69.2476
1 GBP 80.7501 80.8797
100 YEN 58.43 57.96
Note : The SDR-Rupee rate will be based on the reference rate.
Ajit Prasad
Assistant Adviser
Press Release : 2016-2017/2635
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