The Multiple Reporting Currencies (MRC) is the set of unique feature embedded in Oracle applications, which allows you to report on and maintain accounting at the transaction level in more than one functional currency. MRC is based on the Multi-Org Architecture, and is a significant aspect of a globalization strategy.
The primary functional currency is the currency you use to record transactions and maintain your accounting data within the Oracle E-Business Suite. In the primary set of books, the functional currency is always the primary functional currency. Usually, the primary functional currency is the currency in which you perform most of your business transactions, and the one you use for legal reporting.
A reporting set of books is a financial reporting entity associated with a primary set of books. While the reporting set of books has the same chart of accounts and accounting calendar as the primary set of books, its use of a different functional currency (reporting functional currency) allows you to report in a different functional currency than that of your primary set of books.
You must define a separate set of books for each of your reporting functional currencies. By using MRC concept we can maintain up to Eight Reporting Set Of Books.