As part of the research, analyst Richard Hitchens tweaked the capital asset pricing model to determine the sensitivities of a stock to changes in the exchange rate. Labelled in the formula as "high AUDUSD beta" stocks, they tend to outperform the market when the Aussie appreciates and underperform the market when the Aussie depreciates.

As one might expect, there aren't too many mining stocks in the list of 39, as exporters will profit from a weaker currency. Companies that sell a lot of imported stock, such as JB Hi-Fi, Harvey Norman and the Reject Shop, feature prominently.

But other companies you might expect on the list, such as Flight Centre and Qantas, aren't on there.

Childcare centre operator G8 Education is the stock most likely to be adversely affected by a drop in the exchange rate, with a Beta figure of 2.68. Kathmandu (2.49), Graincorp (2.30) and Leighton Holdings (2.20) are next.

A lower dollar could mean fewer jobs, if the position of job site Seek at number seven is any guide. Carsales.com.au is also on the list, at number 28. As the US dollar goes up, demand for gold tends to go down, which explains why gold-miner Evolution Mining is at number 19. The presence of Bank of Queensland, AMP and ANZ, meanwhile, indicate the impact of the falling dollar on capital markets.

Credit Suisse also compiled a list of 38 stocks least likely to be affected by a falling Australian dollar. Uranium miner Paladin topped that list with a Beta figure of minus 3.25. Other resources companies in the list included Newcrest, Alumina, BlueScope Steel, Mount Gibson Iron, Whitehaven Coal, Lynas Corporation and Orica. Cabcharge, Myer, Ten Network Holdings, and information storage business Recall Holdings were some of the non-mining companies.

CMC Markets analyst Ric Spooner said all importers, including those selling imports, would be affected. Electronic retailers would be particularly hard hit, he said - companies such as JB HiFi, Dick Smith and Harvey Norman.

"It's a little bit clouded there, though" he said. "Prices go up, so people are inclined to buy less of their product, but that might simply offset by the increase in margin they can put on the goods - they can grab an increased profit share."  

The dollar was now around 87 US cents - a satisfactory level for both importers and exporters, Mr Spooner said. But that would soon change.  

"Once you start getting below 85 cents and down to the 75-to-85 US cent level, that turns more into a spectrum of being really happy days for exporters and those who benefit from a weak dollar. It starts to get pretty painful for those in the opposite position," he said.

Overseas investors who held Australian bank stocks would also be likely to sell off, he said. "In the short-term we've seen some quite significant selling of high-yielding companies like banks, and that seems at least in part to have been sourced by offshore investors." 

However, Mr Spooner said he did not expect any imminent earnings revisions or analyst downgrades. "No, particularly as the reporting season is not that far behind us, although it is true that the big drop in the Australian dollar has been fairly recent. We'll need to see a bit more time elapse before we get into that." 

The companies hardest hit, in order