After inserting product, price changes unexpectedly

Hi,
when I insert a new product, at a price of £10.99 with no tax, it comes up in the shopping cart at £5.81. I cannot figure why this is happening

Any help much apreciated

What are the settings you have in the Admin for your Currency?

After looking in my currency section, I spotted the mis-configuration - the GBP value was set to 0.52**** when it should just be 1.00 as £1 equals £1!

Problem solved. Thanks for the heads-up!

Hi again,

What should the currency for Canadian be set to?

It is set to 1.11....

Thank you.

Bill

The Default Currency is always set to 1.00 ...

Then you can hit Update to get the current settings for the exchange rates ...

Then in the Configuration ... My Store ...

Currency Conversion Ratio
When auto-updating currencies, what "uplift" ratio should be used to calculate the exchange rate used by your store?
ie: the bank rate is obtained from the currency-exchange servers; how much extra do you want to charge in order to make up the difference between the bank rate and the consumer rate?

Default: 1.05
This will cause the published bank rate to be multiplied by 1.05 to set the currency rates in your store.