Used Under-Table Miter Saw for sale (25,019)

Condition: excellent (used), Year of construction: 2011, functionality: fully functional, Purchase date: 2020, as a new machine. 2-axis control, for height and swivel adjustment. Technical data: Cutting length: 2800 mm Cutting width: 1300 mm Cutting height: 155 mm Max. saw blade diameter: 450 mm X-motion control with program memory Angle scale with length compensation Dust extraction port: Ø 120 mm Nedpeznl Awsfx Afwelf Motor power: 7.5 kW Outrigger length: 4,000 mm

Condition: new, Year of construction: 2026, CORMAK TS315 Table Saw The CORMAK TS315 is a robust, efficient, and precise table saw designed for intensive use in professional woodworking and manufacturing facilities. Equipped with a 315 mm diameter saw blade and a rigid industrial-grade construction, this panel saw is ideal for cutting solid wood, MDF, HDF boards, as well as plastics with similar properties. The powerful motor and extensive working capabilities make the machine suitable for even the most demanding users. Main advantages of the machine 315 mm saw blade – enables cutting materials up to 100 mm thick at a 90° cutting angle. Powerful motor 2.8 kW (S1) / 3.3 kW (S6) – ensures stable operation even under maximum load. Blade speed of 4250 rpm – provides high-quality, smooth cutting results. Sliding format table 1600 × 238 mm – allows comfortable handling of large furniture panels and sheet materials. Stable industrial construction – reduces vibrations and improves machining accuracy. Multi-section table system – table extensions and widening elements increase the total working area. Precision rip fence – ensures repeatable dimensions during serial cutting operations. Design and technology The TS315 table saw has been developed as a professional woodworking saw, combining a heavy-duty structure with carefully designed ergonomics. The machine body is made of high-quality steel, providing maximum rigidity and resistance to deformation during intensive operation. The table system, including the main table, sliding format table, extensions, and widening sections, allows comfortable handling of large workpieces. This significantly improves workflow efficiency and increases operator safety. Njdpfsvxhm Dox Afwolf Smooth adjustment of cutting height and blade angle is carried out using precise handwheels, allowing quick setup according to the requirements of each task. All moving components are mounted on bearings, while the guide mechanisms ensure long-lasting and trouble-free operation. Precision and working efficiency Thanks to the large 315 mm blade diameter, the TS315 table saw can cut materials up to 100 mm thick while maintaining excellent accuracy. The blade speed of 4250 rpm guarantees clean, precise cuts without burning or tearing of the material. The sliding format table combined with precision guides enables accurate material positioning and perfect angle cutting, which is essential when processing furniture boards, cabinet fronts, and structural components. The CORMAK TS315 table saw is suitable for: Professional woodworking factories – for intensive daily production work. Furniture manufacturing – precise cutting of large MDF, HDF, plywood, and laminate panels. Craft workshops – as a versatile professional table saw. Specialized production facilities – for cutting PVC, ABS panels, and materials with similar density. Standard equipment Saw blade 315 × 30 × 3.2 mm Mitre gauge Parallel rip fence Sliding table Table extension and widening section Technical specifications Saw blade dimensions 315 × 30 × 3.2 mm Blade speed 4250 rpm Maximum cutting height at 90° / 45° 100 / 75 mm Maximum cutting width with rip fence 940 mm Main working table dimensions 800 × 365 mm Table extension 760 × 600 mm Table widening section 500 × 350 mm Sliding format table 1600 × 238 mm Dust extraction port diameter 100 mm Motor power S1/S6 2.8 kW / 3.3 kW Power supply 400 V Weight 245 kg Machine dimensions 1540 × 2400 × 1300 mm

Condition: good (used), Year of construction: 1998, machine/vehicle number: 19188-98, Offer 25416 Technical data: - Cutting range at 90° round: 260 mm - Cutting range at 90° flat: 410 x 200 mm - Miter adjustable left + right: 90 to 30° - Cutting range at 45° right + left round: 220 mm - Cutting range at 45° right + left flat: 230 x 300 mm - Material support height: approx. 620 mm - Saw band dimensions: 3660 x 27 x 0.9 mm Nledszqtwuopfx Afwjf - Cutting speed: 17 - 106 m/min - Hydraulic lifting and lowering of the saw frame - Upper stroke limit of the saw frame - Cutting pressure continuously adjustable: 0 - 10 m/min - Hydraulic material clamping device - Saw band cleaning brush - Micro-spray coolant system - Total drive power: 400 V / 1.9 kW - Roller table length: 3300 mm - Space requirement with base frame: W 5200 x H 1600 x D 2000 mm - Weight with base frame: 1900 kg

Condition: used, Martin T60c sliding table saw 5.5 kW motor, 430 cm carriage, Nljdpfx Aezg U Hijfwof Right-hand side adjustable with a motor to 840 mm, Max. blade diameter: 400 mm, Tilt 0-45 degrees, adjustable with a motor, Blade height adjustable with a motor.

Condition: excellent (used), Year of construction: 2003, functionality: fully functional, Sliding table length: 1,900 mm Maximum cutting height: 92 mm Nljdpoztp T Dofx Afwjf Maximum cutting width with parallel guide: 870 mm Maximum cutting length with length stop on the support table: approx. 3,000 mm Main saw motor: 4 kW Saw blade height adjustment via handwheel Saw blade swivel adjustment via handwheel Parallel guide with handwheel for fine adjustment Machine includes various saw blades Additional short rail for length stop Saw blade guard with dust extraction connection

Condition: new, Year of construction: 2026, CORMAK PS12E-2000 Panel Saw with Scoring Unit The CORMAK PS12E-2000 panel saw with scoring unit is a solid and precise woodworking machine designed for cutting furniture boards, MDF, HDF, plywood, and other wood-based materials. Thanks to its dual cutting system (main blade + scoring blade), the machine guarantees clean cutting edges without chipping or splintering, which is essential in furniture production and interior finishing applications. Main Advantages of the Machine Dual cutting system: main blade + scoring blade – eliminates the risk of laminate tearing and ensures clean edges. Stable cast iron worktable – provides precision and rigidity even under heavy loads. Large 2000 mm sliding table – designed for cutting large-size workpieces. Powerful 3.8 kW (400V) motor – enables effortless cutting of even hard materials. Adjustable cutting angle up to 45° – allows precise bevel cuts without loss of accuracy. Precision side fence – equipped with an accurate scale for repetitive cutting operations. Dust extraction system – efficient removal of sawdust improves cleanliness and workplace safety. Complete standard equipment – includes scoring blade, measuring guides, blade guard, angle indicator, and accessories. Construction and Technology The construction of the CORMAK PS12E-2000 panel saw is based on a precision-ground cast iron table and a bearing-mounted sliding table with support, ensuring stability and full control over the material during cutting. High-quality guide rails provide smooth and accurate table movement, while the reinforced machine body minimizes vibrations. The ergonomic front-mounted control panel allows convenient adjustment of cutting height and blade angle. Njdpfx Afjvuf Tmswolf The blades are driven by a 3.8 kW motor, providing sufficient power reserve for demanding applications and difficult-to-cut materials. Precision and Work Efficiency The CORMAK PS12E-2000 panel saw with scoring unit has been designed for high repeatability and accuracy. Cutting depth and angle adjustments are carried out using locking adjustment knobs, increasing both safety and operator comfort. High blade speeds, including up to 5800 rpm for the scoring blade, enable fast and clean cuts without burning or damaging the material surface. Applications This panel saw is designed for: Professional woodworking workshops Furniture manufacturing companies Custom woodworking businesses Prototype production departments It is ideal for daily production, dimension cutting, and complex projects requiring precise angled cuts. It is the perfect solution wherever cutting accuracy, edge quality, and reliability are essential. Standard Equipment Main cutting blade Scoring blade Crosscut fence Rip fence Blade guard Table extension Mitre fence Blade angle indicator Eccentric clamp User manual EC Declaration of Conformity Technical Specifications Parameter Value Sliding table length 2000 mm Cutting width on right side 1260 mm Saw blade tilt range 45° Cutting height at 45° 80 mm Cutting height with 315 mm blade at 90° 100 mm Cutting height with 300 mm blade at 90° 95 mm Maximum main blade size 315 × 30 mm Maximum scoring blade size 100 × 20 mm Main blade speed 4500 rpm Scoring blade speed 5800 rpm Motor power S1/S6 3.8 kW / 6.1 HP Power supply 3-phase, 400V Weight 275 kg Warranty 12 months Technical documentation (DTR) Included CE Declaration Yes

Condition: like new (used), Year of construction: 2024, Wegoma double miter saw with 3-axis control Double miter saw DS140 Working length 4000 mm, hydropneumatic saw feed Pneumatic swivel 45°/90°/45° 4 clamping cylinders, pneumatic 2 carbide-tipped saw blades 500 x 80 mm Left saw head fixed, right saw head movable Digital display Positioning control EPS 220 For double miter saws, including EPS220 control for precise length positioning. With industrial touch panel 15 inches (dust and splash-proof) Display for manual input of cutting data or via data set integration - Ethernet connection 10/100 (TCP/IP) - USB interface - Data transfer via USB or network possible. - Interface to measuring ruler incl. interface software. Incl. control cabinet, motor, and software licenses. - Short and long cut setting - Automatic cutting (can only be activated via software in conjunction with entry protection) Positioning electronics for stepless automatic swivel from 45° to 135° 4.00 92062530 Feed roller conveyor 3 meters for DS mounted on the mobile unit Nsdpfx Aozhx A Dsfwelf Machine immediately available Ex works

Condition: excellent (used), AGT Combination table saw and miter saw - Cutting width: 380mm - Cutting height: 85/40mm - Weight: approx. 50kg - Tilting and swiveling Nledpfx Afjy Tmgkjwef

Condition: like new (used), Year of construction: 2017, functionality: fully functional, Equipment: CE marking, Prodám formátovací pilu Altendorf typ F45 ProDrive , stroj je v perfektním stavu a je možné si ho otestovat v provozu do konce měsíce srpna , cenu nabídněte ? Nsdpfxszrtb No Afwjlf

Condition: ready for operation (used), Year of construction: 1995, SCM Type Hydro 3200 CE - compliant Sliding table 3200 mm Cutting width to the right of the saw blade 1250 mm Saw blade hydraulic lifting and tilting Tiltable up to 45 degrees Saw blade diameter 400 mm Blade bore 30 mm Motor 380 Volt, 50 Hz 5.5 kW Speeds 3000/4000/5000 rpm Scoring unit Top dust extraction hood Extraction diameter 80/120 mm Nlsdpfxsy Sv Rpe Afwsf Space requirements Length 3550 mm Width 2200 mm Height 1500 mm Weight 1000 kg Year of construction 1995 Functionally tested Available from early July Machine from training workshop More photos coming soon

Condition: new, Year of construction: 2024, machine/vehicle number: MR005970, Perfect cutting 200mm high! In double miter and with a fixed zero point. When the machine is mitered, the saw blade continues to enter the material at the same point. Technical specifications: - Fixed zero point: Yes - Miter angle: 45-90-25 ° - Tiltable: Yes - Tilt angle: 60-90-30 ° Njdpfjvzl Scox Afwjlf - Maximum cutting length: 420 mm - Maximum cutting height: 200 mm - Maximum saw blade diameter: 520 mm - Weight: 310 kg - Saw blade speed: 2800 /min - Motor power: 7 hp - Serial number: 2024/95/5

Condition: used, Year of construction: 1982, total length: 2,700 mm, total width: 2,220 mm, total height: 1,500 mm, Colour: Green Weight: 900 kg - Year: 1982 - Documentation available: No - CE certificate present: No - Serial number: V024400 - Main motor power [kW]: 5.5 - Max. cutting height [mm]: 100 - Parallel stop displacement [mm]: 1500 - Roller table length [mm]: 2500 - Table width [mm]: 1940 - Max. saw blade diameter [mm]: 350 - Arbor saw blade diameter [mm]: 30 - Dust extraction nozzle diameter [mm]: 140 - Controlled axes: Tiltable, Scoring unit height, Cutting height - Manually adjustable axes: Tiltable, Scoring unit height, Rip fence, Cutting height - Options: Scoring unit - └ Pre-cutter saw blade diameter [mm]: 120 - Spindle speed: Manual - └ Min. spindle speed [rpm]: 4000 - └ Max. spindle speed [rpm]: 5500 - └ Spindle speed control: Not applicable Njdpfx Aewnh S Dsfwolf - Schuinstelbare zaagaggregaat: - └ Max. adjustable [°]: 45 - Voltage [V]: 380 - Current consumption [A]: 11 - Fuse [A]: 16 - Power [kW]: 7.5 - Transport dimensions: 2700mm x 2220mm x 1500mm (l x w x h) - Transport weight [kg]: 900kg - Transport packages [pcs.]: 1 Financial information VAT: The price shown is exclusive of VAT VAT/margin: VAT deductible for entrepreneurs Delivery and trade-in always possible for everything in the industrial sectors Yorick Diebels

Condition: as good as new (ex-display), Year of construction: 2024, functionality: fully functional, cutting length (max.): 4,100 mm, Double miter saw with 3-axis control for sale. Swivel range from 45° to -45°, continuously adjustable. Saw blade diameter 500 mm. Machine is ready for operation. Nlodpfxozccwpe Afwof

Condition: like new (used), Year of construction: 2021, operating hours: 100 h, functionality: fully functional, cutting length (max.): 6,000 mm, Elumatic double miter saw incl. accessories, short-length cutting device, infeed roller conveyor, ECI-580 control system. Nedpfxszfaglo Afwjlf

Condition: used, Year of construction: 2011, functionality: fully functional, machine/vehicle number: C0202166, We offer this used Fom Industrie BLITZ ALVA 500 double miter saw, manufactured in 2011. Manufacturer: Fom Industrie Model: BLITZ ALVA 500 Year of manufacture: 2011 Condition: used Category ID: 804 Type ID: 1498 Machine type: Double miter saw If you have any questions or require further information, please do not hesitate to send us a message or call us. Nodpfozh A Tgsx Afwolf

Condition: used, Year of construction: 1990, machine/vehicle number: 90-10-175, functionality: fully functional, power: 7.5 kW (10.20 HP), input voltage: 380 V, saw blade diameter: 450 mm, height adjustment type: mechanical, actuation type: manual, Equipment: saw blade guard, Altendorf table saw, model F-90, as shown in the photo. Year of manufacture: 1990. The saw is being sold because it has been replaced by a new one. It is still in perfect working order. Nlsdszq Srqepfx Afwef It will be transported on a wooden pallet and can be loaded onto a truck using a forklift on site. Sold as is, no warranty.

Condition: new, Year of construction: 2026, CORMAK TS250 / 400V Table Saw Nlodpfevxhhbjx Afwof The CORMAK TS250 / 400V is an industrial-grade table saw designed for high efficiency and reliability in professional woodworking shops, furniture manufacturing facilities, and craft workshops. Thanks to its three-phase power supply, stable construction, and robust technical parameters, the machine enables fast, accurate, and repeatable cutting of solid wood and wood-based materials. Main advantages of the machine 2.2 kW (S1) / 3.1 kW (S6) motor – provides high working power even during long-term operation under heavy loads. Large cutting depth – up to 80 mm at 90° – allows machining of thick wooden elements. Blade tilt adjustment from 90° to 45° – enables precise bevel and angled cuts. Sliding table with 1000 mm travel – ideal for processing large panels and workpieces. Blade speed of 4000 rpm – ensures clean and precise cuts without burning the material. 890 mm table height – provides an ergonomic and comfortable working position for the operator. 400V three-phase power supply – guarantees stable operation even during intensive use. Construction and technology The TS250 / 400V table saw is based on a rigid welded steel construction resistant to vibrations and dynamic loads. High-quality mechanical components and a reliable drive system allow efficient processing of hardwood, plywood, MDF, HDF, and composite materials. The blade height and tilt adjustment system operates smoothly and precisely thanks to screw-guided mechanisms. The solid parallel fence with an accurate adjustment system allows quick and safe positioning of the workpiece. The housing and working components have been designed for convenient operation and safe use. The table construction allows easy expansion of the working area, especially when combined with additional accessories. Precision and work efficiency The TS250 model offers a maximum cutting depth of 80 mm at 90° and 56 mm at 45°, making it a versatile solution for a wide range of woodworking applications. Thanks to the 400V power supply and optimized blade speed, the table saw provides industrial-level cutting quality and repeatability, both for individual production and serial manufacturing. Applications The TS250 / 400V is an ideal solution for: Woodworking and furniture manufacturing companies – for cutting furniture carcasses, countertops, fronts, frames, and mouldings. Craft workshops – requiring a durable and accurate machine for processing wood and wood-based materials. Production of structural components – for machining boards, panels, and construction materials. Installation and assembly companies – for precise cutting of components directly at the workplace. Standard equipment Carbide-tipped saw blade 250 × 30 × 2 mm Parallel fence Sliding table Blade guard Blade height and angle adjustment system Optional equipment Dust extraction system with 100 mm connection port Format sliding table for large panels Additional saw blade sets Technical specifications Parameter Specification Maximum saw blade diameter / bore 254 mm Blade speed 4000 rpm Blade tilt range 90° – 45° Maximum cutting depth at 45° 56 mm Maximum cutting depth at 90° 80 mm Sliding table travel 1000 mm Cutting width on right side of blade 620 mm Table height 890 mm Motor power 2.2 kW (S1) / 3.1 kW (S6) Power supply 400 V Weight 125 kg Machine dimensions 1090 × 1330 × 910 mm

Condition: used, Year of construction: 1992, FORMATTING BAND SAW WITH HYDRAULIC FEED, PANHANS 690 Year of manufacture: 1992 In working condition Data according to brochure: Table size 750 x 1200, height 860 Maximum cutting height 140 Largest saw blade diameter 450 Cutting length 2800 Space required 3500 x 5600 Weight 950 Price is ex works. Nedpfx Ajzr Hncsfwjlf

Condition: good (used), Year of construction: 1984, functionality: fully functional, Offered from a workshop for people with disabilities is a fully functional panel saw. Altendorf F45 Tiltable up to 45° via handwheel Year of manufacture 1984 With scoring saw (no saw blade included) Max. saw blade diameter 400 mm A 350 mm blade is installed Max. cutting height with a 350 mm blade = 98 mm at 90° – 75 mm at 45° With motor brake (approx. 2.5 seconds to stop) Njdpfozdqxvsx Afwolf Carriage length 2500 mm Cutting width to the right of the saw blade 850 mm Speeds 3/4/5/6000 rpm With cutting line laser Gresser HEnE 632.8 nm 380 Volts Weight 990 kg Emergency stop button + used and new saw blades as shown in the picture

Condition: used, Year of construction: 2011, Slider length: 3000 mm Cutting width with fence: 1000 mm Cutting width with rip fence: 3200 mm Cutting depth: 154 mm Scoring saw: yes Saw blade height adjustment: electric / position control Saw blade swivel adjustment: electric / position control Fence adjustment: electric / position control Rip fence adjustment: manual Saw blade angle display: digital display Nlsdszdza Dopfx Afwef Cutting height display: digital display Fence display: digital display Rip guide display: scale Rip guide with miter function: yes Saw blade diameter: 450 mm Speeds: Vario Motor power: 5.5 kW Dust extraction port: 80 and 120 mm Machine length: 3200 mm Machine width: 2000 mm Weight: 1200 kg

Condition: as good as new (ex-display), Year of construction: 2024, warranty duration: 12 months, • 3 kW electric motor • Cutting height: 103 mm Njdpfx Aozqz Dpjfwslf • Distance between the circular saw and the parallel guide: 800 mm • Sliding table length: 1100 mm • Sliding table width: 350 mm • Work table length: 900 mm • Overall table width: 950 mm

Condition: excellent (used), Altendorf sliding table saw with hand guard Table length: 320 cm Hand guard system for hand protection 2-axis scoring saw 5.5 kW variator main motor Maximum saw blade diameter: 500 mm Nlsdpfx Afszuw Apjwsf CNC parallel fence, cutting width 1300 mm LED lighting DIGIT-L display Machine from 2022, in very good condition If you are interested, please contact us.

Condition: used, Year of construction: 2011, functionality: fully functional, working width: 1,015 mm, cutting height (max.): 310 mm, cutting width (max.): 1,015 mm, FICEP KATANA K100 + K60 - TWO REFURBISHED STRUCTURAL-STEEL BAND SAWS | BUNDLE OFFER Two automatic Ficep mitre band saws of the Katana series: the K100 (year 2011, profiles up to approx. 1000 mm) and the smaller K60 (profiles up to approx. 600 mm). Both designed for economical cutting of solid material, profiles and tubes in steel and non-ferrous metals. AVAILABLE INDIVIDUALLY OR AS A PACKAGE. CONDITION & REFURBISHMENT Both machines have been overhauled and inspected by a certified technician, ready for operation. - The exact scope of reconditioning varies per machine and is disclosed individually upon serious interest. - Viewing possible by arrangement (machines reconditioned - no demonstration under power). FUNCTION & APPLICATION Nlsdpswd Ugtofx Afwjf Automatic mitre band saws for profile processing in structural steelwork: beam, tube and flat material as well as solid material in steel, aluminium and non-ferrous metals. Motorised feed with infinitely variable cutting speed, hydraulic clamping systems, CNC-controlled mitre cuts and cutting programs. The K60 is additionally prepared for the DSTV data interface (import from CAD/CAM). Applications: steel fabrication shops, steel and semi-finished trading, industrial pre-fabrication. --- MACHINE 1: FICEP KATANA K100 (YEAR 2011) --- Horizontal CNC mitre band saw for large structural-steel cross-sections. Hydraulic blade tensioning, dual automatically pre-settable blade guidance, integrated cooling/lubrication. - Year: 2011 | Serial number: 33111 - Cutting width at 90 deg: 1015 mm | Cutting height at 90 deg: 310 mm - Min. profile size at 90 deg: 60 x 10 mm - Cutting width at +/-45 deg: 610 mm | Cutting height at +/-45 deg: 310 mm - Max. mitre angle: +/-60 deg - Saw blade: 7880 x 41 x 1.3 mm | Blade speed: 60-170 m/min - Blade motor: 9 kW | Control: Ficep CNC - Hydraulic blade tensioning, dual blade guidance (fixed/mobile side) - Synchronised cleaning brush, integrated cooling/lubrication system - Hold-downs and workpiece vices: hydraulic, independent --- MACHINE 2: FICEP KATANA K60 --- Horizontal CNC double-mitre band saw for medium cross-sections. Hydraulic horizontal and vertical clamping, minimum-quantity lubrication, Mitrol CNC with Pegaso software. - Year and serial number: on request (to be confirmed on the name plate) - Cutting range at 90 deg: 610 x 310 mm - Cutting range at 45 deg: 400 x 300 mm | at 60 deg: 250 x 250 mm - Mitre angle range: +45 / -60 deg | Min. profile height: 60 mm - Saw blade: 34 x 1.1 x 6350 mm - Blade motor: 7 kW | Control: Mitrol CNC, Pegaso software - Data interface: DSTV | Remote diagnostics via network - Hydraulic horizontal/vertical clamping, minimum-quantity lubrication (MQL) - Operating mode: standalone or as combined line with drill unit Machine weights and dimensions for both machines follow on request. LOGISTICS & LOCATION Location: Ulft (Netherlands), directly at the German border. Dismantling, transport, installation and commissioning by ASM by arrangement - individually calculated upon request. ABOUT ASM Arendsen Steel Machinery (ASM): specialist for refurbished Ficep structural-steel machinery. Further Ficep machines on request. CONTACT / INQUIRY Price on request - individually or as a bundle | Viewing by arrangement. Sale exclusively to commercial customers (B2B).

Condition: excellent (used), Year of construction: 1997, machine/vehicle number: 90F, functionality: fully functional, Double miter saw with circular blades of 250–275 mm diameter and cuts at 45°+45° with fixed fence. The operator performs the 45° horizontal cut by pulling one blade at a time. Wide cutting capacity (120 mm width x 80 mm height). Precise and high-quality cuts in soft and hard woods – PS and all MDF materials. Low noise and high safety standards. Particularly suitable for all picture framers with small production runs. Nsdpfoy Iag Tox Afwelf

Condition: excellent (used), Catalog number: 8048 TECHNICAL DATA - max. blade diameter: 400 mm - blade bore diameter: 30 mm - blade guard - cutting height: 100 mm - max. cutting width: 640 mm - possibility of angled cutting in the vertical plane - arm movement or blade movement - arm rotation: right/left - motor: 400 V, 3 kW Nodpfx Afozp N Imjwelf - table dimensions: 1600x950 mm - dust extraction nozzle diameter: 60, 100 mm - dimensions (L/W/H): 1500x1600x1500 mm - weight: 240 kg ADVANTAGES - Made in Italy - Unpainted - DTR documentation available - Very good condition - Used saw Net price: 9500 PLN Net price: 2270 EUR, depending on the exchange rate of 4.20 EUR (Prices may change due to significant exchange rate fluctuations)