Magento – How to handle multiple-currency and custom quote item price on Magento

Take a look at Magento change product name adding to cart

Use event sales_quote_item_set_product

class Mynamespace_Samples_Model_Observer
{
    public function salesQuoteItemSetProduct(Varien_Event_Observer $observer)
    {
        /* @var $item Mage_Sales_Model_Quote_Item */
        $item = $observer->getQuoteItem();

        //only change the item you want by product id
        if($item->getProductId() == xyz){
            $item->setName('Ians custom product name');
        }

        return $this;
    }
}

Please use this even checkout_cart_product_add_after, and also I suggest you that

ObserverInterface has only one method which is execute, so write your code in this method.

And do not use parent Item because while you are adding to cart any item then price depend upon child item so the best way is to use directly that item object that you are getting. So best practice is to use that item itself.

And also return $this object at the end of your code inside execute method.

For eg: namespace Navin\Testcart\Observer;

use Magento\Framework\Event\ObserverInterface;
use Magento\Framework\App\RequestInterface;

class CustomPrice implements ObserverInterface
{
    public function execute(\Magento\Framework\Event\Observer $observer) {

        $item=$observer->getEvent()->getData('quote_item');
        $product=$observer->getEvent()->getData('product');
        // here i am using item's product final price
        $price = $item->getProduct()->getFinalPrice()+10; // 10 is custom price. It will increase in product price.
        // Set the custom price
        $item->setCustomPrice($price);
        $item->setOriginalCustomPrice($price);
        // Enable super mode on the product.
        $item->getProduct()->setIsSuperMode(true);
        return $this;
    }

}

Hope this will help you. :)