Under ICDS IX does borrowing cost include exchange differences arising from foreign currency borrowings.

Manual - ICDS IX : Borrowing Costs

Borrowing costs under ICDS IX does not include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to interest costs. ICDS VI deals with effects of changes in foreign exchange rates, and would therefore apply even to fluctuations in foreign exchange rates in respect of such interest.

Dated: 1-9-2017