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So when using Advanced Currency Management we have a Dated Exchange Rates table. In normal use it will take the latest exchange rate for a given currency.
For Opportunities (Standard Salesforce Object), it will take the exchange rate for the CloseDate value, if one is set. So if an opportunity is closed on 1st Jan 2019, it will take the exchange rate from there when doing conversions.
Is there a way to set this up for a Custom object?
Out of the box, no. Dated exchange rates
... are used for opportunities, opportunity products, opportunity product schedules, campaign opportunity fields, opportunity splits, and reports related to these objects and fields. Dated exchange rates are not used in forecasting, currency fields in other objects, or currency fields in other types of reports.
(Emphasis mine). I'm not familiar with any custom or third-party solutions that might exist in this solution space.
