This paper presents a study of currency exposure profile and hedging using a sample of one hundred non-financial companies listed on the Spanish stock market during the crisis period 2004-2010. The results show that most companies are proactive in managing their currency risk, using different products for their hedging. In fact, the execution of an important volume of foreign sales and the existence of subsidiaries in those foreign markets outside the euro zone are the main source of foreign exchange exposure. As in studies for other markets, we also confirmed that the use of derivatives is the most common practice, in addition to foreign currency debt. Companies also use techniques of operational hedging.
