Exchange-rate risk is the risk linked to fluctuations in the price of a currency in relation to another benchmark currency.

A fall in exchange rates may cause assets denominated in foreign currencies to lose value.

AFT is not exposed to any exchange-rate risk and the foreign-currency transactions it negotiates for third parties are either systematically hedged for the same amount or correspond to expenditures in foreign currencies that it hedges on their behalf (e.g. France hedges its international contributions to the UN against exchangerate fluctuations).