ExchangeRate-API

💼 Use Case: Real-Time Currency Conversion for an E-commerce Checkout

📘 Business Scenario:

An e-commerce site needs to display product prices in the user's local currency. To do this, it fetches real-time exchange rates from an external API when the user lands on the checkout page.

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✅ Python Example Using ExchangeRate-API (Free Tier Available)

import requests

# Replace with your own API key from exchangerate-api.com
api_key = "YOUR_API_KEY"
base_currency = "USD"
target_currency = "INR"

# API Endpoint
url = f"https://v6.exchangerate-api.com/v6/{api_key}/latest/{base_currency}"

# Fetch exchange rates
response = requests.get(url)

if response.status_code == 200:
    data = response.json()
    conversion_rate = data['conversion_rates'][target_currency]
    
    # Example: Convert a USD price to INR
    usd_price = 120
    inr_price = usd_price * conversion_rate
    
    print(f"USD {usd_price} = INR {inr_price:.2f}")
else:
    print("Failed to fetch exchange rate:", response.status_code)

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🧠 Business Value

• ✅ Improves customer experience by showing prices in local currency.

• ✅ Increases conversions by reducing payment uncertainty.

• ✅ Maintains accuracy with real-time data instead of manual rates.