Late on Wednesday night Janet Yellen and the US Federal Reserve will meet once again to decide on interest rates in the United States. Few economists believe there will be any changes made at this meeting, but there has been a growing chorus of market observers calling for rate rises.

They believe strong job numbers and higher energy prices mean this is a great opportunity to raise rates again. Should Yellen surprise the markets and raise rates, the Australian dollar would almost certainly decline against the US dollar.

I believe this will be great news for shareholders of the following two companies, which should both benefit from a weaker Australian dollar.

Approximately 60% of Graincorp Ltd’s (ASX: GNC) sales are from overseas. A stronger Australian dollar has been a challenge for the company recently, with foreign competitors being able to undercut it.

GrainCorp’s chief executive Mark Palmquist recently explained that the Middle East was able to import Ukrainian wheat for around $35 per tonne cheaper than Australian wheat. The Middle East has traditionally been the destination for over a third of Australian wheat exports in the past, so this is not great news for the company.

A lower Australian dollar should make GrainCorp’s exports much more competitive and help the company grow its top and bottom lines. The market does not appear to be very bullish on the company’s prospects at the moment, but a significant drop in the Australian dollar could help shift sentiment and take the share price higher.

Shareholders of Westfield Corp Ltd (ASX: WFD) will continue to benefit from a falling Australian dollar. Although the strength of the dollar makes no real difference to the actual running of the company, it can make a big difference for its Australian investors.

The entirety of Westfield Corp’s revenue comes from its businesses in the United States and the United Kingdom. Because of this it reports in US dollars. This means that a significant drop in the Australian dollar has the potential to turn a good dividend into a great dividend for its shareholders.

It would not be good news for all companies on the ASX, though. Companies such as Reject Shop Ltd (ASX: TRS) Harvey Norman Holdings Limited (ASX: HVN), and Myer Holdings Ltd (ASX: MYR) all import a large percentage of goods from overseas. A weaker Australian dollar makes this process all the more expensive and can result in a fall in margins.

Foolish takeaway

I believe Westfield Corp is a great investment even if the Australian dollar remained where it is now, but it becomes even more appealing should it fall. In my view GrainCorp would start to become attractive if the Australian dollar dropped beneath 70 US cents. But until then, I would suggest keeping well away.

The Internet is About to Go "Six Feet Under"... And You CAN'T Afford to Miss What Comes Next

In-the-know investors are dancing on the Internet's grave--and gearing up to cash in on an even BIGGER tech industry. Australia--and the world--will NEVER be the same. Dollar for dollar, insiders are calling it one of the biggest new markets in the history of modern business... NOW is the time to get in on the hush-hush industry that could be poised for growth of over 4,463%+ by 2020... And the 1 ASX stock that stands to grow YOUR money right alongside it! Simply click here to learn its name.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

The technology that’s going to REPLACE the Internet is already here…

Dollar for dollar, insiders are calling it one of the biggest new markets in the history of modern business… NOW is the time to get in on the hush-hush industry that could be poised for growth of over 4,463%+ by 2020… And the 1 ASX stock that stands to grow YOUR money right alongside it! Simply click here to learn its name.