Third, there is an exchange-rate effect: a rise in interest rates pushes up the currency and so squeezes exports.
On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 6 percent and same store sales increased 4 percent.
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At the moment, it doesn't appear that the dollar-yuan exchange rate is having an enormously harmful effect on the broad U.S. economy.
On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 5 percent, for the period ended Jan. 31, due to growth in all regions and comparable store sales equaled the prior year.
Any purchases financed by a pool of existing reserves will not have a weakening effect on the Japanese exchange rate.
On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales and comparable store sales increased 16 percent and 15 percent, respectively, the New York-based luxury jewelry retailer said.
The new exchange rate of 6.3 bolivars to 1 dollar goes into effect Wednesday.
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This action targets those people that have been using credit cards as a way to purchase at the official rate rather than the black market rate, in effect creating a dual credit card exchange regime.
The bigger problem, though, is the effect of fast economic growth coupled with a fixed exchange rate.
Mundell is proposing, in effect, a de facto super-regional currency area by managing the exchange rate between the dollar and the euro through a process of central bank coordination.
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