The surge in currency volatility over the past few quarters has increased concern among corporate finance executives about currency exposures, and it's encouraging companies to re-examine their hedging strategies.

The effects of the currency volatility have been highlighted by the steady parade of big U.S. corporations reporting damage from foreign exchange (FX) moves in their first-quarter earnings. Procter & Gamble blamed FX for a 2% drop in its sales. McDonald's said currency moves took $700 million off of its Q1 revenue, and Pepsi said FX was likely to trim 11% from its earnings per share in 2015.

“The companies that are taking the earnings hits derive a large portion of their sales from outside the U.S.,” said Sanjay Thoppil, a solution consultant at technology provider Reval. “Most organizations do a great job of hedging their exposure, but currency volatility and a strong dollar mean a hit to earnings.”