diff --git a/packages/server/src/api/controllers/ExchangeRates.ts b/packages/server/src/api/controllers/ExchangeRates.ts
index 5a935a173..63c476bf9 100644
--- a/packages/server/src/api/controllers/ExchangeRates.ts
+++ b/packages/server/src/api/controllers/ExchangeRates.ts
@@ -1,6 +1,6 @@
 import { Service, Inject } from 'typedi';
 import { Router, Request, Response, NextFunction } from 'express';
-import { query } from 'express-validator';
+import { query, oneOf } from 'express-validator';
 import asyncMiddleware from '@/api/middleware/asyncMiddleware';
 import BaseController from './BaseController';
 import { ServiceError } from '@/exceptions';
@@ -20,7 +20,12 @@ export default class ExchangeRatesController extends BaseController {
 
     router.get(
       '/latest',
-      [query('to_currency').exists().isString()],
+      [
+        oneOf([
+          query('to_currency').exists().isString().isISO4217(),
+          query('from_currency').exists().isString().isISO4217(),
+        ]),
+      ],
       this.validationResult,
       asyncMiddleware(this.latestExchangeRate.bind(this)),
       this.handleServiceError
diff --git a/packages/server/src/interfaces/ExchangeRate.ts b/packages/server/src/interfaces/ExchangeRate.ts
index 757ca5f3d..45080fc0f 100644
--- a/packages/server/src/interfaces/ExchangeRate.ts
+++ b/packages/server/src/interfaces/ExchangeRate.ts
@@ -1,5 +1,6 @@
 export interface ExchangeRateLatestDTO {
   toCurrency: string;
+  fromCurrency: string;
 }
 
 export interface EchangeRateLatestPOJO {
diff --git a/packages/server/src/services/ExchangeRates/ExchangeRatesService.ts b/packages/server/src/services/ExchangeRates/ExchangeRatesService.ts
index ae322cdff..4cde544ad 100644
--- a/packages/server/src/services/ExchangeRates/ExchangeRatesService.ts
+++ b/packages/server/src/services/ExchangeRates/ExchangeRatesService.ts
@@ -2,6 +2,7 @@ import { Service } from 'typedi';
 import { ExchangeRate } from '@/lib/ExchangeRate/ExchangeRate';
 import { ExchangeRateServiceType } from '@/lib/ExchangeRate/types';
 import { EchangeRateLatestPOJO, ExchangeRateLatestDTO } from '@/interfaces';
+import { TenantMetadata } from '@/system/models';
 
 @Service()
 export class ExchangeRatesService {
@@ -15,14 +16,20 @@ export class ExchangeRatesService {
     tenantId: number,
     exchangeRateLatestDTO: ExchangeRateLatestDTO
   ): Promise<EchangeRateLatestPOJO> {
+    const organization = await TenantMetadata.query().findOne({ tenantId });
+
+    // Assign the organization base currency as a default currency
+    // if no currency is provided
+    const fromCurrency =
+      exchangeRateLatestDTO.fromCurrency || organization.baseCurrency;
+    const toCurrency =
+      exchangeRateLatestDTO.toCurrency || organization.baseCurrency;
+
     const exchange = new ExchangeRate(ExchangeRateServiceType.OpenExchangeRate);
-    const exchangeRate = await exchange.latest(
-      'USD',
-      exchangeRateLatestDTO.toCurrency
-    );
+    const exchangeRate = await exchange.latest(fromCurrency, toCurrency);
 
     return {
-      baseCurrency: 'USD',
+      baseCurrency: fromCurrency,
       toCurrency: exchangeRateLatestDTO.toCurrency,
       exchangeRate,
     };
diff --git a/packages/server/src/system/models/TenantMetadata.ts b/packages/server/src/system/models/TenantMetadata.ts
index 4664cfd6d..7040a6a68 100644
--- a/packages/server/src/system/models/TenantMetadata.ts
+++ b/packages/server/src/system/models/TenantMetadata.ts
@@ -1,6 +1,8 @@
 import BaseModel from 'models/Model';
 
 export default class TenantMetadata extends BaseModel {
+  baseCurrency: string;
+
   /**
    * Table name.
    */
diff --git a/packages/webapp/src/containers/Entries/AutoExchangeProvider.tsx b/packages/webapp/src/containers/Entries/AutoExchangeProvider.tsx
index dcaf86283..c4b5ea1f9 100644
--- a/packages/webapp/src/containers/Entries/AutoExchangeProvider.tsx
+++ b/packages/webapp/src/containers/Entries/AutoExchangeProvider.tsx
@@ -20,13 +20,16 @@ function AutoExchangeRateProvider({ children }: AutoExchangeRateProviderProps) {
 
   // Retrieves the exchange rate.
   const { data: autoExchangeRate, isLoading: isAutoExchangeRateLoading } =
-    useLatestExchangeRate(autoExRateCurrency, {
-      enabled: Boolean(autoExRateCurrency),
-      refetchOnWindowFocus: false,
-      staleTime: 0,
-      cacheTime: 0,
-      retry: 0,
-    });
+    useLatestExchangeRate(
+      { fromCurrency: autoExRateCurrency },
+      {
+        enabled: Boolean(autoExRateCurrency),
+        refetchOnWindowFocus: false,
+        staleTime: 0,
+        cacheTime: 0,
+        retry: 0,
+      },
+    );
 
   const value = {
     autoExRateCurrency,
diff --git a/packages/webapp/src/hooks/query/exchangeRates.tsx b/packages/webapp/src/hooks/query/exchangeRates.tsx
index a0f58f7ac..36700276b 100644
--- a/packages/webapp/src/hooks/query/exchangeRates.tsx
+++ b/packages/webapp/src/hooks/query/exchangeRates.tsx
@@ -3,15 +3,23 @@ import { useQuery } from 'react-query';
 import QUERY_TYPES from './types';
 import useApiRequest from '../useRequest';
 
+interface LatestExchangeRateQuery {
+  fromCurrency?: string;
+  toCurrency?: string;
+}
+
 /**
  * Retrieves latest exchange rate.
  * @param {number} customerId - Customer id.
  */
-export function useLatestExchangeRate(toCurrency: string, props) {
+export function useLatestExchangeRate(
+  { toCurrency, fromCurrency }: LatestExchangeRateQuery,
+  props,
+) {
   const apiRequest = useApiRequest();
 
   return useQuery(
-    [QUERY_TYPES.EXCHANGE_RATE, toCurrency],
+    [QUERY_TYPES.EXCHANGE_RATE, toCurrency, fromCurrency],
     () =>
       apiRequest
         .http({
@@ -19,6 +27,7 @@ export function useLatestExchangeRate(toCurrency: string, props) {
           method: 'get',
           params: {
             to_currency: toCurrency,
+            from_currency: fromCurrency,
           },
         })
         .then((res) => res.data),