The dollar operating cash flows following a depreciation of a foreign currency may change for the following reasons:

Question

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The conversion effect refers to the impact that a change in the exchange rate has on the translation of foreign currency transactions into the reporting currency. This can affect the dollar operating cash flows, as the value of the foreign currency will be different when converted to dollars. 
The competitive effect refers to the impact that changes in exchange rates can have on a company's competitive position in the marketplace. If a company's competitors are in countries with a weaker currency, their products may become cheaper relative to the focal company's products which can affect dollar operating cash flows. 
Therefore, both a and b can impact dollar operating cash flows following a depreciation of a foreign currency.

The Dollar Operating Cash Flows Following a Depreciation of a Foreign