Companies citing currency headwinds in their latest earnings reports include Coca-Cola Co KO.N, Procter & Gamble PG.N and Philip Morris International Inc PM.N. =USD That surge has reduced the profits of U.S. multinational companies that convert foreign currency into dollars, adding to corporate worries over soaring inflation and a murky economic outlook and pushing some to more actively seek ways to hedge their earnings. "Corporates have been spurred into action by the dollar's untrammeled rise - and by the breaking of psychological barriers in most major exchange rates," said Karl Schamotta, chief market strategist at business payments company Corpay.