In contrast to domestic trade which only uses one currency, a business that has penetrated international market is required to monitor the exchange rate of the country with which the business is trading. It is because every day, foreign currencies are always changing and even fluctuating. One time, rupiah is stronger compared to other currencies (appreciation). But other times, it weakens or what we call commonly as depreciation.
Nowadays, with the rapid development of the internet and the digital world, the processes of checking foreign currency exchange rates are also getting easier and faster. Through the internet, you can monitor the exchange rate in several ways. Here are three of them:
- Search engines
As the main gateway to find a variety of information available on the internet, search engines allow you to discover information about a country’s exchange rate. To do this, you only need to enter a foreign currency for which you want to know the conversion rate. For example, to find out United States (US) dollar’s exchange rate against the rupiah, simply type “USD TO IDR” in the search box and click enter. The result will bring the latest exchange rate for both currencies.
- Exchange rate application
Apart from search engines, you can access the latest exchange rate information using mobile or desktop applications. There are thousands of applications you can use to check daily exchange rates. Just find the one that can meet your needs then install it.
- Business dashboard
You can also monitor the latest exchange rates directly from your business dashboard by integrating it with the Open API from BRI, BRIAPI. BRIAPI has provided nine different API products that can be integrated with your business dashboard. One product stands for checking exchange rates: BRIAPI Forex Information API feature. You can get real-time information about foreign currency values from around the world just from your business dashboard. No need to open search engines or applications.
Besides, BRI also provides other APIs to facilitate your business banking activities. Among them are (1) BRIAPI Balance Information API feature to check BRI balances and account numbers, (2) BRIAPI mutation information API to check your business transactions flow, as well as (3) BRIAPI bank transfer API and (4) BRIAPI interbank transfer API to perform fund transfer activities. All of these activities can be effectively carried out easily from your business dashboard.