Exchange rate type INTRASTAT has not been defined

What causes this issue?

You tried to activate the exchange rate type INTRASTAT 'I' for possible
conversions in the data selection. However, it is not available in the
system.

System Response

The system cannot continue processing.

How to fix this error?

Define an exchange rate category INTRASTAT 'I' in the relevant
Customizing table or, if possible use the exchange rate category
average rate 'M' by not setting the 'INTRASTAT exchange rate category'.

Error message extract from SAP system. Copyright SAP SE.