Advice which of the two currencies should be attractive for UFL to borrow. (Assume 1 year = 360 days)

Borrowing Money in € Particulars Amount in € Borrowing Amount 5,00,000.00 Add: Interest @ 4.25% × 90/360 × € 500000 5,312.50 Amt. Repayable in € (A) 5,05,312.50 Applicable Rate ₹/€ Spot Rate 90.35 Add: Swap Points 0.25 Applicable Rate (B) 90.60 Amount Repayable in (A) X (B) 4,57,81,312.50 Note: In case amount repayable in € is rounded off then above repayable amount in ₹ shall be 4,57,81,267 or - 4,57,81,358. Borrowing Money in $ Particulars Amount in $ Equivalent Amount in (€ 5,00,000 × $ 1.0240) 5,12,000.00 Add: Interest @ 5% × 90/360 × $ 5,12,000 6,400.00 Repayable in $ (a) 5,18,400.00 Rate Applicable $/€ Spot Rate 1.0220 Less: Swap Points 0.0015 Equivalent Rate of €/$ (1/1.0205) 1.0205 Equivalent Rate of ₹/$ (90.60 x 0.9799) or (90.60/1.0205) (b) 0.9799 Equivalent amount of repayment in ₹ ($ 518400 × 88.78) (a) x (b) 460,23,552 Note: If rounded off the equivalent rate upto 3 decimal points then above amount shall be approx.4,60,23,034 and if rounded off upto 4 decimal points then amount shall be approx.4,60,22,982. Decision: Since the cash outflow is least in case of borrowing in Euro, the amount should be borrowed in €.