Can QB update the value of the inventory as per the current currenency valuation in multicurrency mode?

I appreciate you updating the home currency in QuickBooks Online, @balkrishnanigeri. Since it doesn't update the item price, I'll help you modify the price manually on the inventory page.

To automatically update the product cost, you need to change it on the Product and Services page.

Here's how:

1. In QBO, go to the Sales menu at the left pane to get to the Product and Services page.
2. Locate the item, then click Edit at the right under the Action column.
3. In the Purchasing information section, edit the cost amount, then hit Save and close.

Additionally, here is an article to help you learn more about the First In, First Out concept: What is FIFO and how is it used for inventory cost accounting?

We'll get back to you right away if you have any other issues or concerns. You can always click the Reply button below. Have a great day!