Foreign exchange rates, fluctuation

Fluctuating foreign exchange rates, which mean that it is likely that the transaction will need to be marked-to-market frequently in order to ensure that cash or securities remain fully collateralised. 

Fluctuation of foreign exchange rate vis-h-vis local currency. 

The annual fluctuations in the share of foreign R D of US firms are almost entirely due to varying exchange rates. The share of foreign R D and the exchange rate of the German Mark to the US- for the years from 1960 to 1995 correlate with a coefficient ofr = 0.88. 

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