Financials reported in constant currency removes fluctuations in performance of a company stemming from currency gyrations. It becomes difficult to assess the true underlying growth in a company especially when it exports to different geographies and therefore gets billed in different currencies. Since exchange rate fluctuations tend to mask actual growth, export-focused companies, mainly the information technology (IT) firms, use constant currency for reporting growth numbers. For instance, the true underlying growth in TCS in FY22 is represented by its growth in constant currency terms but in dollar terms growth was weaker because of the appreciation in the dollar against various currencies including rupee.