When you add more currencies to your application, you are provided with an option to choose between manually entering the conversion rates or automatically fetching the rates. These conversion rates will be used to convert the Deal Value to your account's base currency. The deal value in base currency can be used while generating reports.
If you choose Auto as the Conversion Rate Type, your application uses the exchange rates available through Open Exchange Rates.
Here is how currency conversion rates are picked:
For example, if today is 25th February 2020,
The previous day's (24th February 2020) closing rates will be synced with your web application from the exchange rate sources.
The synced rates will be used for deals created (or closed) from 00:01 UTC onwards.
For deals occurring (created or closed) before 00.01 UTC, your web application will use the closing rates from 23rd February 2020.
If your application fails to sync with the exchange rate sources on 25th August 2020, the last available exchange rates will be used.
Note: - For deals dated prior to 1999, the closest available exchange rate for 1999 will be used for conversion. - The currency conversion rate changes everyday at 00:01 UTC. On the web application, the conversion time will be visible in your local time. So, for example, if your profile timezone is set to Australia Eastern Standard Time (AEST) (UTC + 10), then exchange rates on your account will automatically be updated at 10 AM local time.