Volatile currencies once again wreaked havoc on North American corporate profits in the fourth quarter, underscoring the importance of hedging and risk management for firms that do business overseas.
Swings in global foreign exchange (FX) markets cost the companies about $28.9 billion in the last three months of 2022, according to Kyriba Corp. That puts the total amount of North American corporate profits lost due to currency moves last year at $121 billion.
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