As individuals, we also lose or gain when we go abroad and exchange our currency for that country's. Based on the rates for that day, the value of our money might go up or down and we might have to spend more or less on vacation to control for that.
But I can see how problematic it can be for businesses who are working with a weaker currency if there is a translation exposure. The business that has the stronger currency is not going to suffer, they are getting the better end of the deal either way. But if you have the weaker currency, like the dollar against the euro, it really can tip the balance.
I really don't know how businesses can control for this. We never know what the exchange rates are going to be like, it's really not something that can be predicted. I guess it's a bit of a gamble; definitely a risk for businesses.
I had never thought of this before, but buying parts of a product or raw materials from another country might not always be as easy and profitable as it seems if there is translation exposure.