This study estimated foreign exchange exposure, defined as the sensitivity between changes in exchange rates and changes in firm value, and analyzed the relationship between firm characteristic variables and exchange rate exposure for manufacturing firms. In particular, the study focused on a comparative analysis between firms included in the KOSPI 200 index and those not included, as KOSPI 200 firms can be considered representative of Korean companies in terms of size and liquidity. The results showed that firms included in the KOSPI 200 exhibited a greater degree of exchange rate exposure than non-included firms. However, firm characteristic variables such as foreign currency debt ratio, export ratio, import ratio, foreign direct investment ratio, and R&D expenditure ratio did not show a direct relationship with exchange rate exposure in either group of firms. These findings suggest that the exchange rate exposure of Korean manufacturing firms is related to firm size and liquidity.