How can a local currency operating budget and actual results be translated into parent currency without holding the foreign manager responsible for foreign exchange risk? multiple choice translating the budget and actual results using the same exchange rate will exclude an exchange rate component from the budget total variance. using the historical exchange rate for the budget and current exchange rate for the budget will exclude an exchange rate component from the budget total variance. using the current exchange rate for the budget and historical exchange rate for the budget will exclude an exchange rate component from the budget total variance. it’s never appropriate to hold the foreign manager responsible for foreign exchange risk.