Thanks for the pointers.
I don't know, whether this is the best approach to the problem or not, but here is how I got it to work.
I referenced the Microsoft XML, v2.6 dll in my VBA, and then the following code snippet, gives me the required values
Dim objXML As MSXML2.DOMDocument
Set objXML = New MSXML2.DOMDocument
If Not objXML.loadXML(strXML) Then 'strXML is the string with XML'
Err.Raise objXML.parseError.ErrorCode, , objXML.parseError.reason
End If
Dim point As IXMLDOMNode
Set point = objXML.firstChild
Debug.Print point.selectSingleNode("X").Text
Debug.Print point.selectSingleNode("Y").Text
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