diff --git a/InvenTree/InvenTree/apps.py b/InvenTree/InvenTree/apps.py
index 148638b5b2..aa60058dcf 100644
--- a/InvenTree/InvenTree/apps.py
+++ b/InvenTree/InvenTree/apps.py
@@ -44,3 +44,8 @@ class InvenTreeConfig(AppConfig):
             schedule_type=Schedule.MINUTES,
             minutes=15
         )
+
+        InvenTree.tasks.schedule_task(
+            'InvenTree.tasks.update_exchange_rates',
+            schedule_type=Schedule.DAILY,
+        )
diff --git a/InvenTree/InvenTree/settings.py b/InvenTree/InvenTree/settings.py
index 67a500a07a..5cf0b0c544 100644
--- a/InvenTree/InvenTree/settings.py
+++ b/InvenTree/InvenTree/settings.py
@@ -513,7 +513,8 @@ CURRENCIES = CONFIG.get(
     ],
 )
 
-# TODO - Allow live web-based backends in the future
+BASE_CURRENCY = CONFIG.get('base_currency', 'USD')
+
 EXCHANGE_BACKEND = 'InvenTree.exchange.InvenTreeManualExchangeBackend'
 
 # Extract email settings from the config file
diff --git a/InvenTree/InvenTree/tasks.py b/InvenTree/InvenTree/tasks.py
index 6c01e03aa6..b81b4e6de4 100644
--- a/InvenTree/InvenTree/tasks.py
+++ b/InvenTree/InvenTree/tasks.py
@@ -161,6 +161,34 @@ def check_for_updates():
     )
 
 
+def update_exchange_rates():
+    """
+    If an API key for fixer.io has been provided, attempt to update currency exchange rates
+    """
+
+    try:
+        import common.models
+        from django.conf import settings
+        from djmoney.contrib.exchange.backends import FixerBackend
+    except AppRegistryNotReady:
+        # Apps not yet loaded!
+        return
+
+    fixer_api_key = common.models.InvenTreeSetting.get_setting('INVENTREE_FIXER_API_KEY', '').strip()
+
+    if not fixer_api_key:
+        # API key not provided
+        return
+
+    backend = FixerBackend(access_key=fixer_api_key)
+
+    currencies = ','.join(settings.CURRENCIES)
+
+    base = settings.BASE_CURRENCY
+
+    backend.update_rates(base_currency=base, symbols=currencies)
+
+
 def send_email(subject, body, recipients, from_email=None):
     """
     Send an email with the specified subject and body,
diff --git a/InvenTree/common/models.py b/InvenTree/common/models.py
index 99712b2a93..e499e9b801 100644
--- a/InvenTree/common/models.py
+++ b/InvenTree/common/models.py
@@ -87,6 +87,12 @@ class InvenTreeSetting(models.Model):
             'choices': djmoney.settings.CURRENCY_CHOICES,
         },
 
+        'INVENTREE_FIXER_API_KEY': {
+            'name': _('fixer.io API key'),
+            'description': _('API key for fixer.io currency conversion service'),
+            'default': '',
+        },
+
         'INVENTREE_DOWNLOAD_FROM_URL': {
             'name': _('Download from URL'),
             'description': _('Allow download of remote images and files from external URL'),
diff --git a/InvenTree/templates/InvenTree/settings/global.html b/InvenTree/templates/InvenTree/settings/global.html
index a0347490d0..5c5dccfb2a 100644
--- a/InvenTree/templates/InvenTree/settings/global.html
+++ b/InvenTree/templates/InvenTree/settings/global.html
@@ -20,6 +20,7 @@
         {% include "InvenTree/settings/setting.html" with key="INVENTREE_BASE_URL" icon="fa-globe" %}
         {% include "InvenTree/settings/setting.html" with key="INVENTREE_COMPANY_NAME" icon="fa-building" %}
         {% include "InvenTree/settings/setting.html" with key="INVENTREE_DEFAULT_CURRENCY" icon="fa-dollar-sign" %}
+        {% include "InvenTree/settings/setting.html" with key="INVENTREE_FIXER_API_KEY" icon="fa-key" %}
         {% include "InvenTree/settings/setting.html" with key="INVENTREE_DOWNLOAD_FROM_URL" icon="fa-cloud-download-alt" %}
     </tbody>
 </table>