Visit https://www.exchangerate-api.com/ and click on the “Get Free API Key” button. Simply register using your email address and the platform will instantly provide you with a free API key. This API key is required to fetch real-time currency exchange rates and keep your Odoo system automatically updated.

Open your Odoo backend and navigate to the Apps menu. Search for Currency Exchange Rate, and you will find the module listed as shown below. Click on Install to enable automatic daily currency exchange rate updates in your Odoo system.

After installing the module, go to Settings → General Settings. In the Currency section, you will find a new field named Auto Exchange Rate API Key.

Simply create your free API key from exchangerate-api.com and paste it into this field. Once saved, the system will automatically fetch and update daily currency exchange rates without any manual intervention.

The module includes a built-in Scheduled Action that runs automatically every day. This background process connects to the configured exchange rate API and fetches the latest currency exchange rates on a daily basis.

Once fetched, the rates are updated directly in Odoo, ensuring your financial data always uses accurate and up-to-date currency values without requiring any manual updates.

Go to Accounting → Configuration → Currencies and open any currency. Under the Rates tab, you will see the automatically calculated exchange values based on your company’s base currency.

Each currency shows its value converted from the company currency to the selected currency or vice versa, allowing you to easily track accurate conversion rates for daily financial operations and reporting.