Foreign exchange (FX) volatility cost North American and European companies $22.5 billion in the first quarter, when a weaker dollar proved beneficial to many U.S.-based multinationals.

The currency blow to profits in the first three months of the year was down from the heights of 2022, corporate-treasury management company Kyriba Corp. said in a report Tuesday. According to Kyriba, North American companies absorbed a $121 billion hit last year from FX volatility, which soared along with the surging U.S. dollar as the Federal Reserve lifted interest rates aggressively. Turbulence has subsided from last year, but spiked in March at the time of the U.S. banking tumult.

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