Finding the most up-to-date currency exchange rates is essential for businesses and individuals dealing with multiple currencies. Microsoft Excel offers built-in features and functions that can help users retrieve and calculate these rates.
While Excel provides basic tools for currency conversion, the process often requires complex formulas and manual updates. This guide will demonstrate how to obtain exchange rates within Excel.
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To obtain exchange rates in Excel, input a currency pair in the format 'From Currency/To Currency' using ISO codes, such as 'USD/EUR' for the US Dollar to Euro rate. After entering the pair, convert it to a Currencies data type from the Data tab. If Excel cannot find a match, use the Data Selector to correct any issues by clicking the cell's icon.
For improved data management, select the cells with your currency pairs and create a table via Insert > Table. This step, while not mandatory, simplifies the process of inserting data from the Currencies data type.
Once the currency pair is converted to a data type, select the cells and either click the Insert Data button or press Ctrl/Cmd+Shift+F5 to extract additional information, like the 'Price' field for the exchange rate or the 'Last Trade Time' for the quote's timestamp.
Note that the Currencies data type requires a Microsoft 365 account and the information may be delayed. Do not use this data for trading or as financial advice due to potential delays.
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Create detailed travel budgets with automatic currency conversions for international trips. This helps travelers understand their spending power and make informed decisions about accommodations, activities, and daily expenses in foreign countries. |
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Monitor and analyze historical exchange rate patterns to make informed forex trading decisions. Traders can identify trends and opportunities by tracking currency fluctuations over time. |
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Keep track of global investments with current currency valuations. This enables investors to accurately assess their portfolio's performance and make strategic investment decisions across different markets. |
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Calculate and update pricing for products and services sold internationally. This ensures accurate pricing strategies and profit margins when operating across multiple currency zones. |
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Enter the currency pair using ISO codes (e.g., 'USD/EUR') in a cell, select the cell, go to the Data tab, click 'Stocks' to apply the Currencies data type, then use the 'Insert Data' button to add the exchange rate data in a new column.
Create a table with your currency pairs, apply the Currencies data type from the Data tab, and use Data > Refresh All to get updated quotes. For easier data insertion, use the Insert Data button or Ctrl/Cmd+Shift+F5 to extract information.
Use the STOCKHISTORY function after applying the Currencies data type to your currency pairs to retrieve historical exchange rate data.
Excel offers multiple methods for retrieving currency exchange rates, from manual data entry to complex formulas and external data connections.
Sourcetable simplifies this process with its AI-powered interface. You can create exchange rate spreadsheets instantly and get real-time answers to currency conversion questions.
Start managing currency data more efficiently with Sourcetable today.