21.  As coal is priced in U.S. dollars, a higher exchange rate reduces sales revenues and therefore profits when expressed in local currency.

22.  As these investors scurried to liquidate holdings in local currencies, the anxiety spread.

23.  As for trading in Canadian government bonds and the local currency tomorrow, he expects local floor traders to continue to dominate the action.

24.  As the dollar rises, overseas sales by U.S.-based companies made in the local currency result in fewer dollars.

25.  As the government responds to a widening trade gap with higher domestic interest rates, however, investing in local currency debt becomes more attractive.

26.  As the Thai baht plunged to a record low against the dollar, the Philippine central bank shoved interest rates higher to protect the local currency.

27.  As their money comes in, the thinking goes, confidence is restored and the value of the local currency rises.

28.  At current rates, repaying a loan that was made in dollars requires more than three times as much local currency as it did earlier this year.

29.  As they do that, they send their local currency tumbling, making it more expensive to pay the next installment on their overseas loans.

30.  At that time, he began to shift into cash or Eastern European local currency treasury bills.