With hotels in 87 countries, Marriott International Inc. is finding it harder to protect itself from currency swings as exchange rates in the $5.3-trillion-a-day market defy expectations.

The chain locked in its 2016 currency hedges about four months ago, anticipating the dollar would extend a three-year winning streak. Instead, the greenback has had a mixed performance, slumping against the euro and yen this year amid turmoil in global markets. That’s a problem because the cost of the hedges would be wasted if the dollar weakens.

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