Foreign exchange risk management is an important consideration for international companies and plays an important role in a company's stable performance. Businesses that engage in the export and/or import of products or that in any way must deal with at least two currencies as part of their operations are vulnerable to changes in exchange rates. Currency exposure can impact the company's cash flows, market value and financial reporting. Therefore, it is crucial for companies with such exposures to be aware of how good their hedging strategies are and what the best ways are to address these risks. Events such as the currency crisis can pose a threat to the stable cash flows of a multinational company. A business can benefit or be harmed by exchange rate fluctuations, depending on whether it is an exporter or an importer. However, most companies are concerned with reducing cash flow variability rather than trying to position themselves on the "right" side of the trade. Although enterprises usually hedge foreign exchange risk, such severe and difficult to predict events can exceed their hedging capacity and cause damage to enterprises' operations. According to Adler and Dumas (1984), a firm can hedge currency exposure perfectly if it knows the exposure of future cash flows. However, it has been documented more than once that, on average, companies do not fully hedge their currency exposure (Bodnar et al, 1998; Joseph, 2000). The reason could be that companies only use derivatives during highly volatile periods and not during calm periods, so on average their exposure is not fully hedged. Another explanation could be that companies use derivatives for speculative purposes and that their use does not indicate the companies' intention to hedge the risk. To react to rapid change… middle of the paper… companies are exposed to currency crises (see literature review section). Furthermore, in light of the mixed empirical findings in the currency exposure literature, this article attempts to find meaningful and determinant links between rare exchange rate events and stock performance. In the first phase of this investigation I will identify currency shocks and determine the months in which they occur. they occurred. For this part I will use the foreign exchange market pressure (EMP) index with three variables (exchange rate, international reserves and interest rates), originally defined by Eichengreen et al. (1994), commonly used today. In the second phase I will estimate the augmented market model proposed by Jorion (1990) with a dummy variable to determine the impact of the currency crisis. Finally, I examine how firm size and foreign income can explain cross-sectional variation in currency shock effects.