HFM Translation - divide rather than multiply

Hi All

I am using HFM version 11.1.2.4.0.79 but have also tried on a VM for version 11.1.2.3. 

The issue is that we want the currencies to be DIVIDED by the exchange rate.  However, they instead multiply.  The only metadata setting we think is relevant is the Translation Operator in the currency dimension which has settings D (divide) or M (multiply).  I have tried both and each time the value is multiplied when running a consolidation from a child of one currency, to a parent of a different currency rather than the desired divided.

Has anyone come across this?  It is urgent for resolution at the client!  Many thanks in advance!