CURRENCY EXCHANGE RATES

Hi I am designing a star schema and i am stuck with currency exchange rates.
Business need reporting in local currency and standard currency. local currency if the company and business unit is in Canada.
Now what i am doing i am converting currency from local to USD during ETL process. But my manager needs currency dimension and currency exchange rate Fact. What i am not getting is if we are already converting and storing both LOCAL and STANDARD currency in FACT table why we need currency dimension.
This question may be naive.

It helps to know what the currency is, particularly if the company eventually expands to other countries. Using location to determine what the local currency is is clumsy and prone to error. It is not an issue with the standard currency.

Hi ,
Can i maintain two tables for currency exchange rates .
1. one for daily currency exchange rate
2. another for last day of the month exchange rate.

You could. It is also possible there may be accounting rates that are set based on other criteria.