UPDATE 1-BMW hedged less than two-thirds of '04 FX exposure


(Adds background) FRANKFURT, March 18 (Reuters) - German luxury carmaker BMW AG said on Thursday it has hedged less than its usual two-thirds of foreign currency exposure for 2004, as it believes the dollar is temporarily undervalued. "We've decided to move away from the two-thirds (level), but are saying we're hedged to a large extent to provide security," Chief Financial Officer Stefan Krause told an analysts' conference. Krause said that it was difficult to estimate how the movement ...

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