Hi,
Excel maintains a cached copy of the data fetched by formulas like VLOOKUP. This cache stores the last successfully retrieved data from the source file.
If the original file (source file) is deleted, Excel continues to show the last fetched value from its cache as long as the dependent file (destination file) is not recalculated or refreshed.
Try to Open the dependent file and navigate to Data > Edit Links. Break the link to the original file to preserve the current values as static data.