1. What is Spot Exchange Rate?

The spot exchange rate is the current exchange rate at which a currency pair can be bought or sold for immediate delivery. Historical spot rates show what the exchange rate was on a specific date in the past.

2. How Does the Calculator Work?

The calculator retrieves the historical exchange rate for a specific date:

Where:

• \( \text{Date} \) — The specific date you want the exchange rate for (YYYY-MM-DD)
• \( \text{Currency Pair} \) — The currency pair you want to check (e.g., EUR/USD)

Explanation: The calculator looks up the official closing rate for the specified currency pair on the given date from historical financial data.

3. Importance of Historical Rates

Details: Historical exchange rates are crucial for financial analysis, accounting purposes, tax calculations, and understanding currency trends over time.

4. Using the Calculator

Tips: Enter the date in YYYY-MM-DD format and select the currency pair you're interested in. The calculator will return the official closing rate for that date.

5. Frequently Asked Questions (FAQ)

Q1: How far back can I check historical rates?
A: Most data sources provide rates going back 20+ years, but availability depends on the currency pair.

Q2: Why might rates differ between sources?
A: Different financial institutions may have slightly different rates due to timing, liquidity, and data collection methods.

Q3: Are weekend rates available?
A: Forex markets are closed weekends, so weekend dates will typically show the Friday closing rate.

Q4: How often are exchange rates updated?
A: In live markets, rates update constantly. Historical rates are fixed once the market closes each day.

Q5: Can I get rates for holidays?
A: Yes, but they will show the last trading day's closing rate before the holiday.