The U.S. dollar index was up 7.1% in the third quarter, but it declined 7.7% in the fourth quarter of 2022 and is down more than 1% so far for the first quarter of 2023. A stronger dollar makes U.S. exporters' products less competitive abroad while hurting U.S. multinationals that need to exchange their earnings into dollars. (Reporting by Caroline Valetkevitch Editing by Nick Zieminski)
NEW YORK, Jan 31 (Reuters) - The negative impact of
currency fluctuations on North American companies' results rose
sharply again in the third quarter of 2022, data from treasury
and financial management firm Kyriba showed on Tuesday.
The collective exchange-rate hit, including on companies in
the United States, Canada and Mexico, was $43.15 billion in the
third quarter of last year - the highest negative impact on
record for the firm with data going back to 2013, Kyriba said in
its report.
The negative effect was $34.25 billion in the second quarter
of 2022.
Strong gains in the U.S. dollar last year weighed on
U.S. corporate results, with the currency boosted by aggressive
interest rate hikes by the Federal Reserve.
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