The demand for currency protection is gaining momentum among Brazilian companies. At Ouribank, the volume of hedge operations—including currency forwards and NDFs—grew 40% year-over-year in 2025, reflecting a shift in behavior: rather than just reacting to the market, companies are now structuring strategies to mitigate risks and ensure financial predictability.

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This trend is occurring in an environment where exchange rates remain unstable. In 2026, the dollar started the year above R$ 5.40, retreated over the first few months, and even traded below R$ 5 in April, yet it remains subject to significant fluctuations. For companies with foreign currency exposure—whether through imports, exports, or service contracts—this volatility can compromise margins and complicate pricing.

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In this context, currency hedging is no longer just a sophisticated tool; it has become an operational necessity. For many business owners, the question is no longer "if" they should hedge, but "how" to structure the strategy. "The first step is to fully understand the company's financial flow, identifying where foreign currency revenues and obligations lie. From there, you can define exactly what needs to be protected," says Saulo Carvalho, Commercial Superintendent at Ouribank.

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Hedging is not a gamble—it is protection

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One of the most common mistakes, according to the executive, is treating currency as an opportunity for profit. "Many companies still try to 'bet' on the direction of the currency, believing the dollar will rise or fall. There is no way to predict the market, and unexpected news can completely flip the scenario," he says.

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In practice, the consequence can be a loss of margin. "Companies need to understand that profit comes from their product or service, not from currency fluctuations. Hedging exists to bring predictability and peace of mind to financial management," Carvalho states. For him, this shift in mindset is central to the wider adoption of currency protection. Instead of trying to time the market, more structured companies are adopting continuous hedging policies aligned with their cash flow and operational cycles.

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How to choose between a currency forward and an NDF

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Choosing the most appropriate instrument depends primarily on the level of predictability of the operation. When a company already has defined amounts, deadlines, and beneficiaries—such as an import with an issued invoice—a currency forward tends to be the most straightforward option. It is a forward exchange contract that locks in the rate from the start, eliminating the risk of fluctuation until payment.

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In situations with less predictability, the NDF (Non-Deliverable Forward) stands out for its flexibility. "The NDF is a derivative that can be used even when the company does not yet have all the details of the operation defined, such as the exact date or beneficiary. It can also be applied to expenses like international freight or taxes," explains Carvalho.

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The importance of structure and partnership

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Despite growing adoption, many companies still lack an internal hedging policy, which can create uncertainty when it comes time to make decisions. This is where the bank's role becomes crucial. "It is common for business owners to have doubts or be hesitant to start. Our role is precisely to support this process, provide examples, clarify concepts, and help structure a protection policy tailored to the reality of each business," the executive states.

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With over four decades of market experience, Ouribank supports companies of all sizes, from small service providers with recurring foreign currency revenue to large importers and exporters. This accumulated experience is reflected in the ability to adapt solutions to the specific needs of each operation, considering variables such as timeframe, volume, and risk profile. "Every operation requires customization. That is why having an experienced team is essential," says the bank's superintendent.  

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How to choose a currency hedge in 3 steps

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Before deciding between a forward exchange contract and an NDF, a company needs to answer three simple—yet decisive—questions:

1. Do you already know exactly how much you will pay, when, and to whom?

If the answer is yes, the operation is more predictable, and a forward exchange contract tends to be the most suitable option, as it locks in the rate and eliminates the risk of fluctuation.

2. Are there still uncertainties regarding amounts, dates, or costs involved?

In this case, it makes sense to seek more flexibility. An NDF allows you to hedge the exchange rate even without all the details finalized, making it useful for expenses such as freight, taxes, or open contracts.

3. Does your company have larger operations or a more structured financial strategy?

For companies with higher volumes or continuous currency exposure, it is essential to speak with a bank specialist, allowing for more strategic planning in organized markets.

Rule of thumb: the higher the predictability of the operation, the simpler the instrument tends to be. The greater the uncertainty, the more flexible it needs to be.

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Currency Instruments – When to use each one

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Forward exchange contract

What it is:
You lock in the dollar rate today for a future payment.

When to use:
When you already know exactly how much, when and who you are paying
(e.g., imports with a finalized invoice)

Predictability level:
High

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NDF (Non-Deliverable Forward)

What it is:
You hedge your exchange rate without needing to settle the entire transaction.

When to use:
When there is still uncertainty regarding the date, amount or transaction details
(e.g., shipping, taxes, or final adjustments)

Predictability level:
Medium

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