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With Which of the following is true about short-run fluctuation of foreign exchange rates? It is well explained by the exchange rate overshooting theory. It

With Which of the following is true about short-run fluctuation of foreign exchange rates?

  1. It is well explained by the exchange rate overshooting theory.
  2. It is not affected by economic fundamentals
  3. It is well described as a random walk.
  4. It is totally driven by irrational behavior of market participants.

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