Query Regarding Access to Historical Foreign Exchange Rates via Rapyd API

⚙️ API 🙋🏽‍♀️🙋🏽‍♂️ Ask Questions
1

Hello Rapyd Developer Support,

As we integrate the Rapyd API into our enterprise systems for handling global transactions, I have a question regarding the retrieval of daily foreign exchange rates, as detailed on your page: Get Daily Rate. We are interested in not only the current day’s exchange rates but also in accessing historical exchange rate data for analysis and reporting purposes.

Could you clarify if the Rapyd API supports fetching historical foreign exchange rates? If so, what is the extent of historical data available (e.g., how far back can we retrieve rates), and what would be the API endpoint or method to access this information?
Thank you for your assistance in providing the necessary details to enhance our financial operations platform.

Best regards,
Alexis

4

Hi @Alexis-Dubois and welcome!

The Rapyd API provides functionality to retrieve daily foreign exchange rates, which can be accessed using the endpoint specified in the documentation. For retrieving historical rates, if the current API documentation does not explicitly mention support for accessing historical data, you would typically proceed as follows:

  1. Direct Inquiry: Since historical data needs might be specific and vary by application, it’s advisable to contact Rapyd support directly or consult the documentation to understand the full capabilities of their API regarding historical data.
  2. Alternative Data Sources: If Get Daily Rates does not directly support historical data retrieval, you may need to look into third-party services specializing in forex data, which can be integrated alongside Rapyd for comprehensive coverage.
  3. Caching Strategy: It’s essential to consider implementing a caching strategy within your infrastructure. This strategy involves storing daily rates retrieved from Rapyd, allowing you to build up a historical dataset over time. This dataset can be tailored to your specific needs, enhancing the effectiveness of your data retrieval process.
  4. Compliance and Verification: Ensure that any use of foreign exchange data, especially for financial reporting or transactional purposes, complies with the relevant financial regulations and is accurate and reliable.

For the most accurate and detailed information, refer to the Get Daily Rate documentation on Rapyd’s documentation pages and consider contacting their support team with any specific queries or requirements.

7

Thanks for the quick response, I will look at what you shared and if have further questions reach out to support and also ask here in the community.

1 Like