Currency Setting In Magento

Magento is an open source e-commerce web application. Magento has various built in functionality that will grab you. If you tried to create Magento store with multiple functionality. Then of-course there will strongest solution is Magento. Suppose you want to create a Multi store in Magento and side by side you want to accept payment with multiple currencies. Yes, you can easily manage it by using Magento, for that you have to set multiple currencies.
To set this follow given process:
Process to setup Currency
From Admin Go to System Menu –> Configuration –> Currency Setup

To setup currency for your store you have to set, Base Currency, Default Display Currency and Allowed Currency.
Shortly introduce now,
What is Base Currency?

In above screen shot Base Currency set US Dollar.
It is the primary currency that used in your store for transaction.
Default Display Currency:
It is the currency that you want to show on your store by default.

For example,here we set as earlier Default Display Currency is British pound sterling.
Your Default Display Currency at Front-end
In below screen shot British pound Sterling (£) is our default display currency

Allowed Currencies:
Select currencies that you want to allow payment into your shop. You can select number of allowed currencies from drop down (by using control key)

select currencies that you want to accept for payment in your store. Allowed currency will shown at Catalog Page at drop down. You can select from drop down as per your
choice.
You has been set your all currencies but now you should assign Rate and Symbols to selected currencies. To set this:
Go to System->Manage Currency->Rates/Symbols
You can set Rates manually or import from Webservicex

Assign Symbols to all declared currencies:
System->Manage Currency->Symbols
Automatically window will display like following

Click on Save
Result Shown at Front-end:
ou can select Currency as per your choice that you want. Symbol and rate will change according to your currency selection.