Foreign exchange (FX) risk remains one of the most persistent sources of earnings volatility, cash flow uncertainty and valuation risk for multinational enterprises (MNEs). Over the past decade, the practice of FX risk management has moved well beyond the traditional use of forward contracts to cover booked transactions. Advances in exposure measurement, the widening menu of derivative and non-derivative instruments, the centralisation of treasury functions, reforms to hedge accounting standards and the arrival of data-driven treasury technology have together transformed what firms can measure, what they can hedge and how efficiently they can do so. This paper reviews these advances, synthesises the theoretical and empirical literature linking hedging to firm value, and identifies emerging opportunities through which MNEs can convert better FX management into higher investment efficiency and profitability. Drawing on capital market imperfections theory, the paper argues that the principal value of FX risk management lies not in reducing volatility for its own sake but in protecting the internal funds and the planning certainty that allow firms to pursue positive net present value investments without costly external financing. The paper proposes an integrated framework that combines exposure analytics, a layered mix of financial and operational hedges, centralised execution and governance, and performance measurement against explicit benchmarks. It concludes with a research agenda and practical recommendations for treasury and finance leaders, with particular attention to firms operating in or exposed to volatile emerging market currencies.