Here is what you can expect from this excel tool:
How does the foreign exchange market work? That is another topic discussed here in other posts:
1. Forex Rates and Currency Manipulation: Explained
discuses the nuances of the foreign exchange market
2. Poor Bloke’s understanding of Money and Nepal Rastra Bank
discusses the meaning of money and assignment of value to money
3. Recognition of Foreign Exchange Gain/Loss for Income Tax Purposes
discusses the provision of Income Tax Act, 2058 and Nepal Accounting Standards regarding the recognition and deduction of the foreign exchange gain/loss
Excel Tool for Foreign Exchange
Foreign Exchange, is a fully decentralized global market where currencies are bought and sold. To facilitate trading, many brokerage companies provide an online infrastructure that makes it easy for traders to access the global FX market. In recent years companies have also provided APIs (Application Programmable interface) to help third-party application integrate with there platform.
Nepal Rastra Bank is the forex aggregator in Nepal. This is because Nepal Rastra Bank as a regulatory has very strict guidelines for reporting and compiling of foreign exchange transactions. However, forex rates are not just determined by the national transactions. These are more affected by global transactions and the dealers / brokers and business participants all around the world. Nepal Rastra Bank only recently introduced Forex API Documentation. This excel tool below uses the API Base Url from NRB and pulls the exchange rate right into your spreadsheet.
Here is a link to the foreign exchange excel tool that I made and the functions that it supports. Steps to Install:
Step 2: Install the Addin File
(i) Open your “Microsoft Excel”
(ii) Go to “Files:
(ii) Go to “Options”
(iv) Go to “Add-ins” tab in the new window
(v) At the bottom at “Manage” Section choose “Excel Add-ins” and click “Go”
(vi) Click “Browse” and browse and select the file downloaded from Step 1
(vii) Click “OK” and return to Excel Spreadsheet
Step 3: You can start to use the tool
Step 4: The Function
FOREX(Date For Foreign Exchange, Foreign Currency, Buying Rate or Selling Rate)
1. This function has three arguments and all arguments are optional.
2. Foreign Currencies Supported: INR, USD, EUR, GBP, CHF, AUD, CAD, SGD, JPY, CNY, SAR, QAR, THB, AED, MYR, KRW, SEK, DKK, HKD, KWD, BHD
3. For full complete list of convertible foreign currencies, visit NRB’s website link.
1. If you put an argument of FOREX()
This returns the USD buying rate for today
2. If you put and argument of FOREX(“11/2/2021”)
This returns the USD buying rate for the date 11/2/2021
3. If you put an argument of FOREX(“11/2/2021”, “EUR”)
This returns the EUR buying rate for the date 11/2/2021
4. If you put an argument of FOREX(“11/2/2021”, “EUR”, “SR”)
This returns the EUR selling rate for the date 11/2/2021
Follow this post for more updates. You can later download more latest version of the forex tool here in this same post.