Recently, firm-level data have been made public, enabling analysis of the effect that exchange rates on the individual companies. The results will serve as a valuable basis to formulate sophisticated policies for companies and policy-makers. The majority of previous studies related to exchange rates have been focused on macroeconomic variables or the analysis of industry effects. As a result, there is a limit when it comes to measuring the influence on individual companies and this, in turn, limits the sophistication of policy responses. This study contributes to the line of literature that it not only investigates the effect that exchange rates on macro variables, but also analyzes the effects of exchange rate changes on firm activities.