We can then use the retrieved rate to convert the foreign currency report into a US dollar denominated report. In the IF statement set up below, the multiplication operator is to be used when the user has indicated the British Pound, Euro, NZD, or Australian dollar as the currency to be converted, while the division operator is to be used for all others. Set Up Conversion Conditions for Multiplying or Dividing Exchange Ratesīecause the Euro and the British Pound are worth more than the US dollar, and the Federal reserve bank stores Australian and New Zealand dollars in values less than one, we will need to set up a short IF statement to ensure accuracy when using the exchange rates extracted. Note: For more detailed information on the functions used, check out our prior CHOOSE posts and VLOOKUP posts. If the currency number is 2, it performs a VLOOKUP on columns D:E, and so on. If the currency number is 1, then it performs a VLOOKUP on columns A:B on the FX Rate sheet. In this formula, the CHOOSE function performs the VLOOKUP that corresponds to the currency number in C3. Set Up CHOOSE Function with VLOOKUP to Extract Exchange Rate on Dates Chosenīelow is part of the CHOOSE function used to extract the exchange rates, where C3 is the desired currency number and C4 is the desired date. To clearly mark the input cells where the user needs to enter the currency they want to convert and the date they want the exchange rate extracted for, I have applied the Input Cell Style (Home > Cell Styles > Input) as shown below.
![live currency converter excel live currency converter excel](https://exceljet.net/sites/default/files/styles/function_screen/public/images/formulas/simple%20currency%20conversion4.png)
The list below is the list that I usually use: Set Up Input Cells for Currency Number and Date This will be useful for referencing each foreign currency. Whether extracting exchange rates on a single date or average exchange rates over a range of dates from the stored data, it is important to have a list of all available currencies.
![live currency converter excel live currency converter excel](https://syntaxbytetutorials.com/wp-content/uploads/2020/06/drilldown-1200x616.png)
With the exchange rates of interest stored in Excel, we will use lookup functions to easily retrieve the desired rate for a specific time period. The data is downloaded and pasted into Excel with one set of columns per currency as illustrated below: Historical data for the exchange rates are provided by the Federal Reserve bank at this link.
Live currency converter excel download#
The first step is to download the exchange rates into an Excel workbook.