Background Note | HBS Case Collection | September 1987 (Revised November 1992)

Note on Operating Exposure to Exchange-Rate Changes

by Timothy A. Luehrman


Describes the effects on operating cash flows of a real change in exchange rates. Describes different elements of operating exposure and includes illustrative examples.

Keywords: Currency Exchange Rate; Fluctuation;


Luehrman, Timothy A. "Note on Operating Exposure to Exchange-Rate Changes." Harvard Business School Background Note 288-018, September 1987. (Revised November 1992.)