From the course: Finance Strategies for Business Leaders
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Currency rates and FX rates
From the course: Finance Strategies for Business Leaders
Currency rates and FX rates
- Money matters for your business. And that's true whether you make or spend your money in your own country or abroad. Currency risks, otherwise known as foreign exchange or FX risks, can significantly impact your company's bottom line if you do business in foreign countries. FX risks may also have an impact if you export goods or services to foreign countries. This is a customer risk that you'd have with customers abroad. And you may have FX risks if you import goods or services. This is a vendor risk you'd have with vendors abroad. In any of these cases, you would have currency risk if those other countries you do business with use a different currency than in your own country. Unless all your customers and vendors are in your same country, chances are you probably have currency risk. And it's really important for business and finance leaders to monitor currency risks, because after all, the way you get paid is in…
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