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But adjusting for the effect of exchange rates, international sales grew 34percentt.
International sales rose 14.4 percent, mostly because of the effect of exchange rates.
However, he also said that it is difficult to measure effect of exchange rates in containing inflation from a technical perspective.
The analyst, Steven Milunovich of Merrill Lynch, cited the effect of exchange rates and a slowing computer services market for reducing his forecast for I.B.M.'s second-quarter revenue growth to 1percentt from 3percentt.
Guy Berruyer will step down sometime in the next eleven months, the company said, as it reported a 4.9% rise in first half revenues to £657m (before the negative effect of exchange rates) and said it was confident for the rest of the year.
We selected health expenditure per capita measured as $US in purchasing power parity (PPP) at 2000 prices to avoid the effect of exchange rates and inflation.
Similar(51)
The effect of exchange rate depreciation is to push up domestic inflation, in part because much of India's oil is imported (and world oil prices are in dollars, so depreciation immediately pushes up the domestic price in rupees).
Trade finance collapsed in the 1930s, reducing the disruptive effect of exchange rate changes, but Greece's entire economy is closely bound with the EU trade and payment system.
The insignificant effect of exchange rate effects on stock returns in case of China, India and Japan may reveal the effective hedging strategies against the currency risk in these countries.
Hedge funds magnify the effect of exchange rate movements on the bond market, through the so-called yen/dollar "carry trade".
One could claim that the primary commodity booms are confounding the effect of exchange rate variations since it might be causing both appreciation and GDP growth.
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