| Currency exposure versus Exchange risk | ||
| Period | Volatility Level | Currency Exposure |
| 1. Apr 2, 1993 to Feb 17, 1995 | Low | High* |
| 2. Feb 18, 1995 to Aug 21, 1998 | High | Low |
| 3. Aug 22, 1998 to Mar 19, 2004 | Low | High |
| 4. Mar 20, 2004 to Nov 24, 2006 | High | Low |
| *High exposure implies low proportion of hedging Source: Patnaik and Shah, 2006 | ||
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