Hi Syed,
Place your Excel file in server and create a Web Intelligence report (Select source as Excel) on top of it. Now use this report as a source and create a dashboard using LIVE OFFICE or BI Web Services.
Find the below links for reference
SAP BusinessObjects Live Office - YouTube
BI Web Services (BIWS) Tutorial: 1 of 2 Web Intelligence - YouTube
Regards,
G Sujitha