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If the currency set in Woocommerce is anything other than 'INR', the WooCommerce Currency Switcher plugin can be used to convert the currency to 'INR' from within the Razorpay plugin.
For this, first you need to install and activate the WooCommerce Currency Switcher plugin.
Once activated, from the Wordpress admin Page, goto WooCommerce > Settings > Currency tab.
Assuming the currency set from WooCommerce is 'GBP', this is how the configuration for currency in the 'Currency' tab should be:
Save this configuration and you're all set.
Now, if you attempt to pay an amount in 'GBP', the Razorpay plugin converts the amount to 'INR' using the Currency Switcher plugin and makes the payment.