How To Get Currency Exchange Rate In Excel

Introduction

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.

We will also explore how Sourcetable's AI chatbot simplifies this process by letting you analyze currency data through natural conversation, generate visualizations, and handle files of any size - try it now at https://app.sourcetable.com/ to answer any spreadsheet question instantly.

Get Currency Exchange Rate in Excel

Using the Currencies Data Type

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.

Creating a Table for Exchange Rates

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.

Extracting Exchange Rate Data

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.

Considerations for Currency Data

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.

Excel Currency Exchange Rate Use Cases

International Business Financial Tracking

Track and manage financial transactions across multiple currencies for international business operations. This allows for accurate bookkeeping and real-time financial reporting across different regions and markets.

Travel Budget Planning

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.

Forex Trading Analysis

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.

International Investment Portfolio Management

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.

E-commerce Cross-Border Operations

Calculate and update pricing for products and services sold internationally. This ensures accurate pricing strategies and profit margins when operating across multiple currency zones.

Excel vs. Sourcetable: Modernizing Spreadsheet Work

Excel and Sourcetable represent two distinct approaches to spreadsheet work. While Excel relies on manual functions and formulas, Sourcetable revolutionizes data analysis with an AI-powered chatbot that handles everything from data visualization to complex calculations. Try Sourcetable now to experience how AI can answer any spreadsheet question.

Traditional Excel Workflow

Excel requires users to learn complex functions, memorize formulas, and manually create visualizations. This traditional approach demands significant time investment and technical expertise to accomplish data analysis tasks.

AI-Powered Analysis

Sourcetable's AI chatbot eliminates the need for formula knowledge or technical skills. Users simply describe their analysis needs in natural language, and the AI generates results, from simple calculations to complex data visualizations.

Data Handling Capabilities

While Excel struggles with large datasets, Sourcetable handles files of any size and connects directly to databases. Users can upload CSVs, XLSX files, or connect their database for seamless analysis through the AI interface.

Speed and Efficiency

Instead of spending hours on manual Excel processes, Sourcetable users can complete complex analyses in minutes by simply telling the AI what they want to accomplish. The AI chatbot handles all the technical work automatically.

Accessibility

Sourcetable democratizes data analysis by removing technical barriers. Anyone can perform sophisticated data analysis and create professional visualizations without prior spreadsheet expertise, simply by chatting with the AI.

Frequently Asked Questions

How do I get current exchange rates in Excel?

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.

How can I automatically update exchange rates in Excel?

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.

How do I get historical exchange rates in Excel?

Use the STOCKHISTORY function after applying the Currencies data type to your currency pairs to retrieve historical exchange rate data.

Conclusion

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.