'xlrd' installed, but getting the error: "Missing optional dependency 'xlrd'..." - python-3.x

I'm using Python 3.7 and I recently upgraded to Spyder 4.2.0 from Spyder 4.1.5. Now when I run my code (which was working fine before) I get the following error:
ImportError: Missing optional dependency 'xlrd'. Install xlrd >= 1.0.0 for Excel support Use pip or conda to install xlrd.
So apparently Spyder thinks 'xlrd' ('Excel Reader'?) is not installed. So I went to the Anaconda prompt and tried pip install xlrd, but it replied with
Requirement already satisfied: xlrd in c:\users\michael\anaconda3\lib\site-packages (2.0.1)
I tried uninstalling and reinstalling xlrd anyways, using pip, but it didn't change anything. How do I resolve this error?
Also, I'm not sure if this matters or not, but I originally installed Spyder via Anaconda, whereas now I just downloaded Spyder 4.2.0 by itself, through this link: https://github.com/spyder-ide/spyder/releases.
Also, on the linked github page, it says: "If you are new to Python or the Scientific Python ecosystem, we strongly recommend you to install and use Anaconda. It comes with Spyder and all its dependencies, along with the most important Python scientific libraries (i.e. Numpy, Pandas, Matplotlib, IPython, etc) in a single, easy to use environment."
I had at first assumed this was meant for people downloading Python/Anaconda for the very first time, but now I'm thinking this applies to a semi newbie at Python such as me? As someone who is not very familiar with how packages and dependencies work, should I be downloading Anaconda every time I want to update Python or Spyder?
Apologies for the (probably) silly newbie question...

This sounds like you needed to re-start Spyder for it to pick up the package you installed.
However, as the author of xlrd, I would suggest you do the following:
Stop Spyder
conda install openpyxl
Start Spyder.
Change your pandas code to be pd.read_excel(..., engine='openpxyl')

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I use pip as a package manager if that is relevant
Have you attempted installing pip3 and using that in place of pip? I know I had some issues a while back where pip would install my packages for python 2.X and not 3.X.

How to fix EnvironmentError when installing modules using pip?

When trying to install requests or literally anything using pip it'll collect the option and then give me this ERROR every time. I can't use pip to install anything.
C:\Users\evand>pip3 install requests
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Current Environment Variables (If this is related at all)
I have also tried the 'Repair' option using the Python Installer as well as uninstalling then reinstalling as a custom installation with 'Add to PATH' and the other options. That didn't fix the issue, so I deleted pip along with every module installed on my computer then reinstalled pip. Nada. At this point, I can no longer program with this computer because I cannot import any module in any of my scripts. I am not sure why this issue suddenly arose. Help would be very much appreciated.
This worked for me:
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I recently installed Anaconda spyder 2020 version, resulting in Python 3.7.6 being installed.
I previously had ffn installed and working.
Now when I run code that tries to import ffn, it comes up with Module not found - No module named 'ffn'.
However, when I issue pip freeze at the console, I can see ffn == 0.3.3
Can anybody shed any light on why I have having problems importing ffn?
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For a bit more background, I use MacOS and I have two versions of Python on my Mac; 2.7 which comes with the mac by default and 3.7 which I use to code. The package seems to have been successfully installed, as when I try to reinstall it I get the message below. However, when I try to import the colorama module using a script in python 3.7 it simply tells me it doesn't exist.
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I am quite newbie in python and I am trying to make the qfrm 0.2.0.27 library to work. Unfortunately there is no documentation about this library. I installed it using pip and when I try to import it I get the following error:
No module named 'qfrm.Options'
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I also ran into this problem. The current version in the PyPi index is qfrm-0.2.0.27.
The version on the website appears to be qfrm-0.2.0.23. Although it is older, it worked without error for me.
If you download the ...23 whl file and install that one (pip install [file_name].whl) you may find it works better.
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