Forex, or foreign exchange, is the conversion of one currency into another. Exchange rates are important to global traders and investors because they affect the price of imported goods and services. Forex rates are notoriously volatile, and they change frequently with little notice,.
While doing business internationally, you will most likely need to convert your domestic currency into a foreign currency. This exchange rate varies based on currency fluctuations and can be used to determine how much one currency is worth in comparison to another.
To find out what the current exchange rate is for a currency pair such as USD/JPY (the United States dollar and Japanese yen being exchanged), you can visit a real-time forex data service like Exchangr.
Why is it useful to have real-time & historical forex rates?
Historical data allows you to see how currency exchange rates have fluctuated over time. If you trade currencies on a regular basis, this data can help you predict future movements and make better trading decisions. For example, if you are looking at USD/JPY but know that it has historically been very unstable in your chosen time frame—but now looks stable—you might want to reconsider whether or not to trade it.
Consequently, having access to real-time & historical forex rates by currency and date can be extremely useful for anyone who trades or invests in currencies.
API stands for “application programming interface,” which basically allows software developers to easily access data from an external service.
Use Exchangr to get forex rates
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions. As a result, you can rely on the Exchangr FX API to manage even the most complicated business requirements.
To utilize the Exchangr API, create a free account and obtain your API key; you don’t need a credit card. You can also use your Google account to sign up. Exchangr currently accepts 164 currencies and eight cryptocurrencies from consumers worldwide. They obtain their information from a variety of commercial forex data suppliers and institutions. Before providing it to clients, they mix it with an algorithm. It delivers data that is updated on a regular basis at intervals ranging from 60 minutes to 60 seconds.
What currency data does the API provide?
The Exchangr API will return or compute the most representative forex market rate available, which is typically the “midpoint” figure, depending on the API endpoint you request for your query. The “mid” value will also be the most valuable tool for your company’s finance department for accounting and invoicing financial estimations or planning, calculator and converter applications, and any other Exchangr forex data-powered apps.
It displays all of the exchange rates in the form of currency pairs.
Related posts:
Tips To Make Foreign Exchange APIs Less Overwhelming
Also published on Medium.