We have so far not enabled auto-update feature for any currency in our ERP as we are unsure if the rates will be correct as wrong rates can create problems. We want to know where Tuhund gets the exchange rates from.
Yes, please enable auto-update feature for all currencies. Exchange rates auto-updated by Tuhund are precise and reliable.
In Tuhund we have three rates instead of two as in other systems. We have buying rate, selling rate and live rate. Buying rates and selling rates are used in financial transactions. Live rates are used for non-financial functions like costing and calculation of selling price for Imported goods and estimation, etc. Besides this, actual exchange rates for each transaction are recorded and used wherever they are relevant.
Buying rate and selling rate for deployments in India (as yours) are taken from Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, Government of India. Live rates are taken from four different lookup portals and averages of nearest three are taken into account. We have dedicated servers for various such features. Currency lookup server updates data every five minutes. However, your Tuhund deployment fetches data from Tuhund lookup server once every hour. Therefore, effectively your live currency exchange rates are updated every one hour.