Following remarks made by the USA’s Federal Reserve Chair, Janet Yellen, another interest rate rise is probable in the coming months.

“It’s appropriate, and I’ve said this in the past, I think for the Fed to gradually and cautiously increase our overnight interest rate over time and probably in the coming months, such a move would be appropriate,” Ms Yellen was reported as saying by CNBC.

Meanwhile, here in Australia, our own central bank, the RBA, is expected to lower interest rates even further in 2016, despite rates already sitting at just 1.75%.

For investors and savers alike that means:

  1. The woeful returns from savings accounts and term deposits are here to stay; and
  2. A LOWER Australian dollar is likely

Indeed, the strength of the US economy means something’s gotta give, and that’s likely going to mean to a lower Aussie dollar.

Fortunately, not all is lost because many Australians have already acted to diversify their wealth throughout different geographic regions. And for those who haven’t, there are still a number of ways to play the thematic of a falling Australian dollar.

For example, shares in the following three companies are expected to benefit from a lower dollar because they do a lot of their business overseas.

  1. CSL Limited (ASX: CSL). Despite rallying around 240% in five years, shares of Australia’s largest healthcare business are expected to benefit from the lower Aussie. CSL offers a relatively small dividend yield, but long-term profit growth is the primary reason many investors buy shares in this biopharmaceutical heavyweight.
  2. ResMed Inc. (CHESS) (ASX: RMD). ResMed is a leading developer and manufacturer of devices for treating respiratory conditions. The company generates a substantial amount of its sales in US dollars.
  3. Westfield Corp Ltd (ASX: WFD) is the global arm of the shopping centre giant Westfield. The company was formed following a spin-off of its local shopping centres, which are now held by Scentre Group Ltd (ASX: SCG). With its primary assets in the US and the UK, Westfield Corp is a long-term play on strength in the US economy and the lower Australian dollar.

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Motley Fool Contributor Owen Raszkiewicz owns CSL Ltd and ResMed Inc. (CHESS) shares. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.