Managing Currency in Magento

Magento Go lets you customize your store for currencies that are used in more than two hundred countries around the world. You can manage currencies in the following ways:

• Set up your store’s currency options
• Manage currency rates
• Customize currency symbols

To set up your store’s currency options:

Managing accepted currencies is different from managing currency rates. Before you can set your store&rsuo;s currency rates, you must specify which currencies your store accepts for payment, and which currency you use to display pricing in your store. You can set display pricing by store scope. For more information, see Understanding Store Scope.

1. From the Admin panel, select System > Configuration.
2. From the Configuration panel on the left, under General, select the Currency Setup tab.
3. Click to expand the Currency Options section. Then, do the following:
   1. In the Base Currency list, select the primary currency that is used for store transactions.
   2. In the Default Display Currency list, select the primary currency that is used to display pricing in your store.
   3. In the Allowed Currencies list, select all currencies that are accepted as payment by your store.
4. When finished, click the Save Config button.

Tip: By default, US Dollar is the only currency selected in Allowed Currencies. Use CTRL + Click to select multiple currencies, or use a single click to reset the list to the one default currency.

To manage currency rates:

After you set up your store’s accepted currencies, you can control the currency rates for your store. It&rsuo;s important to carefully manage currency rates, as they frequently fluctuate and can directly affect your bottom line. You can set currency rates manually, or import the latest currency rates from Webservicex Import Service.

1. From the Admin panel, select System > Manage Currency > Rates.
   The Manage Currency Rates page displays a table with currency rates in relation to your base currency rate (the default currency rate for your store).
   
2. To manually control currency rates, click the field in the column for the currency, and type the changes.
3. A more popular alternative is to import the latest currency rates from Webservicex Import Service by clicking Import. This updates your currency rates to current rates.
4. After you configure your currency rates, click the Save Currency Rates button.

To customize currency symbols:

Currency symbols appear in the Admin panel of your store, and are also used throughout your storefront in orders, customer checkout, and so on.

1. From the Admin panel, select System > Manage Currency > Symbols.
   Each enabled currency for your store appears in the Currency list.
   
2. Enter a custom symbol to use for each currency, or select the standard symbol selecting the Use Standard checkbox to the right of each currency.
3. When finished, click the Save Currency Symbols button.

 

Source: http://www.magentocommerce.com