Currency Rates

Currency Rates — simple guide for claimed shop owners

What this page is for This page shows live-ish foreign exchange values so you can quickly convert prices, check import costs, and estimate margins when dealing with other currencies. It lists rates for 160+ currencies (base: 1 USD = X currency) and lets you search by currency code (INR) or name (Indian Rupee).

Top summary (what you see immediately)

  • Base Currency — USD (all rates are shown as 1 USD = X).

  • Search box — type a currency code or name and press Enter / Search.

  • Rates table — code, name, symbol, rate (1 USD =), formatted converted amount.

  • Quick modal — click a search result to open a small modal with details and plain-language help.

Why it matters: see instantly how much foreign prices or supplier quotes will cost you in local currency, and estimate the impact on your margins or retail price.

Do this now: if you regularly import, check the rate for your supplier’s currency before approving purchases.

How to use — quick actions (step-by-step)

  1. Open: Dashboard → Finance & Accounting → Currency Rates.

  2. Search: enter a currency code (e.g., INR) or a name (e.g., Indian Rupee) and click Search or press Enter.

  3. View details: the modal shows code, full name, symbol, 1 USD = rate, and a formatted value (e.g., ₹83.12).

  4. Use the number: copy the rate into invoices, purchase orders, or product pricing tools.

  5. Convert non-USD pairs: to convert EUR → INR, compute rate_INR / rate_EUR (see Examples below).

Charts / Table — what you see & what to act on

  • Rates table — quickly scan common currencies. Do this now: add your supplier or customer currency to bookmarks or open it before quoting or buying.

  • Search results modal — includes short help text explaining fields and the data source. Do this now: copy the formatted converted amount into your pricing sheet for immediate use.

Plain formulas (no math headache)

  • Rate shown: 1 USD = X (from API).

  • Convert USD → Other: amount_in_USD × rate_X = amount_in_X. Example: 100 USD × 83.12 (INR) = ₹8,312.00.

  • Convert Other → USD: amount_in_X ÷ rate_X = amount_in_USD. Example: ₹8,312 ÷ 83.12 = 100 USD.

  • Convert A → B (non-USD pair): amount_A × (rate_B / rate_A) where rate_A and rate_B are both *1 USD = rate_X. Example: convert 100 EUR to INR:

    1. Find 1 USD = EUR_rate (say 0.93) and 1 USD = INR_rate (say 83.12).

    2. EUR → INR multiplier = INR_rate / EUR_rate = 83.12 / 0.93 ≈ 89.35.

    3. 100 EUR × 89.35 ≈ ₹8,935.

Examples (real-world)

  • Import costing: supplier invoice: 200 USD → local cost 200 × INR_rate = ₹16,624 (if INR_rate = 83.12). Use this to compare with landed costs and margins.

  • Customer quote in foreign currency: customer asks price in EUR — compute using live EUR→INR conversion to give an accurate local equivalent.

  • Quick check before purchase: your supplier emails a quote in USD — open the tool and confirm the rate before approving.

Update frequency & coverage

  • Source: ExchangeRate-API (data pulled daily).

  • How often shown in the UI: updated daily (not tick-by-tick). Good for everyday pricing and budgeting; not for high-frequency trading.

Simple tips for shop owners

  • Bookmark the currencies you use often (supplier currency, common customer currencies).

  • Do conversions with a small margin buffer to cover currency swings and bank/transfer fees.

  • For invoices, record the date and the rate used — this helps reconcile later.

  • When pricing imported goods, always add estimated bank/FX transfer fees and customs to the converted cost.

Edge cases & validation

  • If the rates fail to load you will see a warning: “Unable to load exchange rates. Please try again later.” — Try again after a few minutes; if persistent, contact support.

  • Rates are relative to USD only. For direct A→B conversions, use the formula shown.

  • Symbols may repeat (e.g., $ used by several currencies). Always check the currency code, not just the symbol.

  • Do not assume minute-by-minute accuracy. For large transactions request a bank FX quote.

Quick troubleshooting

  • No data / empty table: your shop tenant DB connection may be misconfigured, or the API request failed. Wait 24 hours or contact support if the issue persists.

  • Numbers seem off: check the date of the rate (visible in modal/header) and confirm timezone / browser cache.

  • Cannot find a currency: ensure you searched by the 3-letter ISO code (INR, EUR) or the correct currency name.

Practical 30-minute action plan (what to do now)

  1. Open Currency Rates → search your supplier’s currency. Note 1 USD = X.

  2. Convert a recent supplier quote into your local currency and add estimated fees.

  3. If the converted cost squeezes margin, either negotiate price or raise retail price.

  4. Save the rate and date in your purchase record for later reconciliation.

Who should use this and how often

  • Shop owners / managers: check before approving international purchases (as needed).

  • Sales staff: quick customer quotes in other currencies (on demand).

  • Accountant / finance: weekly or monthly checks when reconciling imports or foreign payments.

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