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Translation exposure reflects the exposure of a: O Firm's borrowing rates to exchange rate fluctuations. Firm's ongoing international transactions to exchange rate fluctuations. Firm's cash

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Translation exposure reflects the exposure of a: O Firm's borrowing rates to exchange rate fluctuations. Firm's ongoing international transactions to exchange rate fluctuations. Firm's cash flows to exchange rate fluctuations. Firm's local currency value to transactions between foreign exchange traders. Firm's financial statements to exchange rate fluctuations

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