Do you want to obtain forex rates from Kotak Mahindra Bank? If so, you need to use this API!
As you may know, “forex” stands for foreign exchange; which means the market where one currency can be traded against another. The foreign exchange market is the largest financial market in the world with over $5 trillion worth of transactions every day. The main participants in this market are banks and financial institutions, who trade currencies all day long as part of their business.
So, What Are Forex Rates?
Foreign exchange rates are the prices at which one currency is exchanged for another in this forex market. For example, if you want to buy indian rupee at the current market price, then you will have to go to Google, and look up the current rate of USD/INR. The current rate of USD/INR is 77.76. This means that it takes 77.76 INR to buy 1 Dollar at this moment in time (1:00 AM EST); but this rate is not stable, and it may change within days, hours, or even minutes.
Also, throughtout the Internet you may encounter several rates for the same currency pair. Hence, you won’t be sure which one is the most reliable foreign exchange rate. To avoid this uncertainty, wouldn’t it be best to obtain USD/INR rates from a trustworthy entity like Kotak Mahindra Bank in India?
This bank is India’s third largest private sector bank. It offers a variety of financial services, including personal banking, corporate banking, wealth management, and more. So, a trustworthy provider like this, will give you the most accurate foreign exchange rate.
Obtain Reliable Forex Data From Banks With An API
An Application Programming Interface (API) gives you the ability to gather information from another source (like banks and financial institutions) and use it within your own application. Hence, a forex rates API provides you with access to currency rates and conversions.
The best of all is that forex APIs are easy-to-use and available online. One that we recommend is Exchangr API. This tool obtains forex data from several trustworthy financial providers, including Kotak Mahindra Bank; and provides it to you in JSON format (for maximum usability, ease of integration, and compatibility with any of your applications). You can use this data to make real-time currency conversions and analyze historical market data to make financial decisions. The API uses REST calls and responses are formatted in JSON.
Obtain forex data from Kotak Mahindra Bank for free
You can give Exchangr API a try today by using this API Small Plan. It is completely for free and no credit card is needed! By creating you account today you will get every month: 100 API requests, historical data; hourly updates; the ability to use any currency as a base currency; and access to many Exchangr endpoints (Conversion, Timeseries, and Fluctuation).
Moreover, if all of the above isn’t enough to cover your financial needs; you may upgrade to a subscription plan to obtain advanced API access, advanced functionality, and much more benefits! With a start-up-friendly price, you can receive between 10.000 and 100.000 API request per month; premium support; and regular updates ranging from 10 minutes to 60 seconds!
For more information visit https://www.getexchangr.com/
Related post: How Does Currency Exchange Rates Knowledge Aid In international Trade?
Also published on Medium.