There are a two (probably abandoned) Django apps to handle currency issues:
Both of these projects include methods for doing currency conversions but will probably need some work before they are stable.
Then, you can update your table of exchange rates using a service like XE.com. If you're willing to pay for it you can update your rates every 60 seconds, but updating once a day is the cheapest.
As suggested by Ber and ozan, you can use cron or django-chronograph to schedule a script to run that does an HTTP GET to pull the data from XE, parses the data and then saves it into your models.
There are probably other services out there doing the same thing, so do some shopping before buying.