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Procter & Gamble Co. and Philip Morris International Inc. found a common culprit for weaker financial results in recent weeks: changes in currency values.

P&G, the world’s largest consumer products company, had initially been counting on foreign exchange to bolster results this year. Instead, Chief Executive Officer Robert McDonald told investors last month it’s turned into “a strong headwind” that may have cut about $3 billion in revenue and at least $400 million in profit from previous projections.

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