The answer is a resounding Yes.  In November 2015, the value of the U.S. dollar rose to its highest level in nearly 13 years, according to the Wall Street Journal Dollar Index that gauges the U.S. currency against 16 currencies.  The Index rose to 90.42, its highest level since December 2002.  During that month, the South African rand fell to an all-time low of 14.17, and the Russian ruble sank to 63.90.  The rising, high value of the U.S. dollar is good for Japan and Europe, but hurts emerging economies by making dollar-denominated commodities exports more expensive to foreign buyers and debt in the U.S. currency more expensive to service.  The currencies of Turkey, Brazil, and South Africa are especially vulnerable to a high value of the U.S. dollar.  The high value of the U.S. dollar hurts the American tourism industry because it 1) encourages Americans to vacation outside the USA and 2) discourages foreigners from visiting the USA.  The high value of the dollar also hurts American firms, such as McDonalds, that obtain a high percentage of their revenues for outside the USA.  Chapter 3 discusses all the pros and cons of a high value of the U.S. dollar for American businesses.  Expected changes in the value of the dollar, as well as actual values, are important strategic variables to consider in formulating strategies.

Source:  Based on Ira Iosebashvili and James Ramage, “Dollar Rallies to Nearly 13-Year High,” Wall Street Journal, November 7-8, 2015, B5.