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Accounting For Foreign Currency Fluctuations For Payment Of Murabaha Contract
How should the seller account for foreign currency rate fluctuations that take place throughout a day, for the purpose of making payment to the exporter for goods ordered from abroad?
Foreign currency should be converted to the local base currency on the date of purchase of goods from the exporter. As for the fluctuations in foreign currency exchange rates, one should apply the rates being used by local banks in dealing in documentary credits with their clients on that particular day.

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