Update Exchange Rates Table

Data Sources for Exchange Rates

Highnix ERP offers access to various sources of exchange rate data, including Yahoo, Google, and the Monetary Authority of Singapore (MAS). Yahoo and Google, while commercially available, provide spot exchange rates with limited historical data accessibility. Users are required to log in to their respective platforms and manually select dates, resulting in inconvenience when retrieving exchange rate histories.

The Monetary Authority of Singapore (MAS) serves as an official source of exchange rates recognized by government agencies, banks, and the majority of businesses operating in Singapore. MAS not only provides daily rates but also maintains comprehensive historical records.

Highnix ERP Utilizes MAS Official Exchange Rates

Highnix ERP is registered with MAS, allowing the system to access and integrate the official exchange rates published by MAS. This enables users to obtain both end-of-day rates and last month average rates, catering to diverse exchange rate needs. Given MAS's status as the official provider, its exchange rates enjoy widespread recognition and adoption by SMEs, MNCs, and government agencies in Singapore.

Within the exchange rate interface, users will find two distinct "Get" buttons: one for retrieving daily rates and another for accessing last month average rates. It's important to note that MAS has its policy of publishing the exchange rates. Currently, MAS publishes exchange rates after 3 pm on business days, excluding Saturdays, Sundays, and public holidays. In the event that rates are unavailable, the system will display a notification at the top of the screen.

For users who rely on the "Last Month Average Rate" as their month-end reference, simply copy and paste the displayed rates into the designated "Exchange Rate" box. Then, select the appropriate date from the "Date to Use From" dropdown menu and click the "Add New" button to confirm.

To access exchange rate history, users can select their desired date and click the "Get" button. Similarly, obtaining the "Last Month Average Rate" follows the same process.

Please be aware that the last month average rate is determined based on the selected date, with the system retrieving data from the previous month accordingly.

In order to retrieve the correct exchange rates, please ensure that the currency code (3 characters, e.g., SGD, MYR, TWD) is entered accurately. It's important to note that while Highnix endeavors to provide accurate data, we rely on external sources and cannot guarantee its accuracy. We provide the data as received from these sources.

Note: If the exchange rate is unavailable from MAS, the system will give a warning "Exchange rate is not available for the selected date.". As mentioned above, MAS has its policy in publishing the rates.