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I want to know the mechanism of how to manage multiple currencies in our Magento store dynamically. It is required as their price rates varies at some time intervals.

By doing lots of goggling I came to know that this can be managed in Magento at "System->Configuration->General->Currency Setup->Scheduled Import Settings" (See the attached screenshot).
I am very much new to this concept that how to use this ‘Scheduled Import Settings’ option configuration.
Please guide me if anyone has this knowledge or used it before.

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If you have set up Magento to automatically update currency rates in the System → Configuration → Currency Setup tab → Scheduled Import Settings panel, you do not need to manually set the values here.

In your server you need to set cron of cron.php

Ref. Magento Currency Setup

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Just enable the webservicex and next step is to click on import in SYSTEM -> MANAGE CURRENCIES -> Click on import

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  • But I don't want to do manual process. I want to setup a mechanism which automatically changes the currency rates when it changes in the market. – Milople Inc Jan 1 '14 at 12:26
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Webservicex has been out of service in the last time, at least not always available.

We created a currency converter using the Euro foreign exchange reference rates by the European Central Bank (ECB). Cross rates from one currency to another are available.

https://github.com/LimeSoda/LimeSoda_CurrencyConverter

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