An exchange rate is how much it costs to exchange one currency for another. In RIVO the base currency of the system conversion to the foreign currency practice followed.
Exchange rates fluctuate constantly throughout the week as currencies are actively traded. This pushes the price up and down. Let's walk through the rate works in RIVO.
If the USD/CAD currency pair is 1.33, that means it costs 1.33 Canadian dollars for 1 U.S. dollar. In USD/CAD, the first currency listed (USD) always stands for one unit of that currency; the exchange rate shows how much of the second currency (CAD) is needed to purchase that one unit of the first (USD).
This rate tells you how much it costs to buy one U.S. dollar using Canadian dollars. To find out how much it costs to buy one Canadian dollar using U.S. dollars, use the following formula: 1/exchange rate.
In this case, 1 / 1.33 = 0.7518. It costs 0.7518 U.S. dollars to buy one Canadian dollar. This price would be reflected by the CAD/USD pair; notice the position of the currencies has switched.
In the table below you'll find many different currencies and their exchange rates against USD rate (base currency). You'll be able to do the analysis of each Base currency/currency.
In Rivo, the exchange rate can be uploaded manually or automatically.
Uploading Exchange rate manually :
An admin user of the system is only able to set the Rate. To set the Rate you Click administrator>Currencies>Rate and you get the success pops up on saving.
To update the exchange rate manually, the user must choose the manual option from the toggle.
Follow the below GIF for a Quick walk-through to manually update the Rate in RIVO.
By selecting the icon highlighted in the below image, you can see the changes made to the exchange rates.
Uploading Exchange rate Automatically :
To update the exchange rate automatically, the user must choose the Automatic option from the toggle.
In this option, the exchange rate will be automatically updated from an external system via API.
You can also refer to What is Set Base Currency and How to Set Base Currency in RIVO?