4 Steps for Managing Exchange Rates

4 Steps for Managing Exchange Rates

1. Establish the base currency.
Countries with “hard” currency (currency that can be traded outside the country’s borders) typically negotiate only in their currency. Your organization assumes the risk associated with exchange rates fluctuating over time. Countries with “soft” currency (which has no value outside that country’s borders) negotiate in a hard currency (such as U.S. dollars or the euro).
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