NOTE : This feature is NOT working in OBIEE 126.96.36.199. A bug has been registered.
Bug 14040587 - OBIEE 188.8.131.52: OPENING WEB QUERY (.IQY) FILE IN EXCEL SHOWS JUNK CHARACTERS.
Create a simple report . Save it as R1
Open the Advanced tab
Click on the link that generates the web query(.iqy). Save it. This actually saves it in Excel format.
Open the R1.iqy ; It will prompt you to enter your OBIEE11g Userid and password.
Let us go to OBI report R1 and modify it.
And now open the R1.iqy
The R1.iqy gets updated as well.
Have a nice day !!!