some instruments give the o/p in serial binary form (RS 232). But if the equivalent analog value is desired in the range 0-5V or 4-20mA. How it is possible?
There are some modules like KD485-ADE-232-20MA DIN rail mount, LTS RS232/485 Serial-to-Analog Converter DIN Rail Transmitter, that are able to do this serial to analog conversion. However, if you want to design your own circuit, then use a micro-controller that reads the serial data and then drive the DAC.
Modules like KD485-ADE-232-20MA DIN rail mount, LTS RS232/485 Serial-to-Analog Converter DIN Rail Transmitter mentioned above are little bit costly (INR 20,000 approax). I am looking for a cheap solution. The second point you explained looks convincing. Can you provide some references to design the circuit and steps so that the microcontroller can read the serial data? Actually I want to work with arduino.