If one were to hold an ADR (American depositary receipt), and the currency of country of the underlying foreign security increases in value compared to the US dollar, or the US dollar drops in value (while the foreign currency stays the same), would it be worth more?

Furthermore if the US economy/dollar go into a recession, are ADRs less valuable, or possibly even valueless? Could liquidity to these types of negotiable securities potentially drop to near nothing?


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