If you're talking current exchange rate, it won't. It will affect future exchange rates as the euro deflates because of interest rates.
In general, the future expected exchange rate is the current exchange rate times the ratio of the numerator's interest rate to the denominator's interest rate (adjusted for timeframe).
f(EUR/USD) = EUR/USD * (1+r(ECB)) / (1+r(FED))
So as the ECB rate increases, the future expected exchange rate will increase (assuming a stable FED rate).
That said, these expected rate increases are ALREADY priced into future exchange rates, so unless you think the rate will increase but the market does not, you CANNOT profit off of this in the FX market.