Annual Report 2023 183 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 46. FOREIGN EXCHANGE RATES The applicable closing foreign exchange rates used (expressed on the basis of one unit of foreign currency to RM equivalent) for the translation of foreign currency balances at the end of the financial year were as follows:- 2023 2022 RM’000 RM’000 United States Dollar (“USD”) 4.41 4.20 New Zealand Dollar (“NZD”) 2.76 2.91 Euro (“EUR”) 4.81 4.68 Singapore Dollar (“SGD”) 3.32 3.11 Indonesian Rupiah 100 (“IDR”) 3.03 2.86 Great Britain Pound (“GBP”) 5.46 5.52 Bahraini Dinar (“BHD”) N/A 11.18 Philippine Peso (“PHP”) 0.08 0.08 Note:- N/A - Not applicable. 47. FINANCIAL INSTRUMENTS The Group’s activities are exposed to a variety of market risks (including foreign currency risk, interest rate risk and equity price risk), credit risk and liquidity risk. The Group’s overall financial risk management policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. 47.1FINANCIAL RISK MANAGEMENT POLICIES The Group’s policies in respect of the major areas of treasury activity are as follows:- (a) Market Risk (i) Foreign Currency Risk The Group is exposed to foreign currency risk on transactions and balances that are denominated in currencies other than the respective functional currencies of entities within the Group. The currencies giving rise to this risk are primarily United States Dollar, Euro, Singapore Dollar and Great Britain Pound. Foreign currency risk is monitored closely on an ongoing basis to ensure that the net exposure is at an acceptable level. The Group also holds cash and cash equivalents denominated in foreign currencies for working capital purposes.
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