Operating exposure Operating exposure,also called economic exposure, measures the change in the present value of the firm resulting from any change in future operating cash flows of the firm caused by an unexpected change in exchange rates. Future obligations (future sales volume,prices or costs) Long-term analysis where exchange rates changes are unpredictable and unexpectedOperating exposure Operating exposure, also called economic exposure, measures the change in the present value of the firm resulting from any change in future operating cash flows of the firm caused by an unexpected change in exchange rates. Future obligations (future sales volume, prices or costs) Long-term analysis where exchange rates changes are unpredictable and unexpected