To add a new currency, click on the Add New button in the top right corner. Clicking on the button will open a form with following fields:
Select the name of the currency from the drop-down.
Each currency has a default symbol and can also be changed.
Mention up to which decimal point you want to display the currency.
Conversion mode decides the conversion rate of the currency with respect to the default currency of your store. The conversion rate is the ratio at which the currency will be converted into default currency.
In the case of automatic conversion mode, the conversion rate of the currency will be automatically fetched from the automatic conversion rate provider of your store.
The default conversion mode for the currencies is automatic, however, if you wish to manually define a conversion rate for your currency, you can set the conversion mode to manual and define the conversion rate of your currency.
Currency settings can be found next to the Add New button of the currencies section.
The default/base currency of your store is the currency with respect to which all currency conversions are made. All the currencies of your store can be exchanged for the default currency on the basis of the conversion rate.The conversion rate for each currency is hence defined with respect to the default currency of your store.
Automatic conversion rate provider
The default automatic conversion rate provider is the Forex API. The automatic conversion rate provider is used to automatically update the conversion rate of all the currencies of your store whose conversion mode is set to automatic.