Definitions for "Exchange risk"
Uncertainty about the value of an asset, liability, or commitment due to uncertainty about the future value of an exchange rate. Unless they cover themselves in the forward market, traders with commitments to pay or receive foreign currency in the future bear exchange risk. So do holders of assets and liabilities denominated in foreign currency.
Risk of change in the cost of a currency (currency risk).
The risk based on which movements in the exchange rate of a foreign currency may reduce the value of an investment.