I had written to their premium experiences DL and I got the below response. So it should be considered because currency conversion does not fall into any of these. They also mention that Onus transactions are excluded so its possible that they exclude it if I use the Magnus to load a forex card issued by Axis Bank.
I also feel this transaction is not a utility.
"We would like to inform you that all the spends done shall be eligible to earn EDGE REWARD points except the below mentioned transactions:
o Balance transfers
o Cash advances
o Any onus transactions , EMI transactions.
o Financial charges (e.g; late payment fee, dishonoured cheque charges, service fee, transaction charges)
o Disputed transactions
o Any purchases made at petrol pumps/ service stations
o Payment of enrolment fee for the program (If any)"