Since the face value of both certificates were the same for the same denomination, as the price gold rose, the ratio of the face value of the Silver Certificate to the market value of silver dropped.

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This did inspire confidence, but as the dollar rose in value, Egyptian exports grew uncompetitive.

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Sanjeev Prasad at Kotak, a broker, says that the recent results season saw a host of firms booking losses as the value in rupees of their foreign debts rose.

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As the Nasdaq rose toward its peak early last year Longleaf Partners Funds' value portfolio sank 14% in two months.

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It may be that charities' income and outputs are around their optimal level, and that the value added would fall as their income, and therefore their costs, rose.

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As Dharmapala notes, research shows that while the value of firms with high dividend yields rose, the value of non-dividend paying firms rose even more.

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