Due to some recent changes in local laws of a country they have restricted invoicing in USD. As per practice all Labor invoices used be generated in USD for this country while all Expense invoices were generated in Local Currency. All invoices have to be created and sent to the customers in Local Currency of that country going forward. Unfortunately I have to generated invoices in some existing Multicurrency 'Time & Material' Projects here. Therefore my question is without tampering with the bill rates which have been updated in the Project in USD at the time of Project Setup is there any way we can generate Invoices from the Project Accounting system in Local Currency?
You could setup additional bill rate schedule in the local currency.
Then you need to assign that schedule to the T&M projects.
Alternative method would be to develop logic within Labor Billing Extension, where the system will calculate the local currency bill rate by converting the USD rate at the proper exchange rate.