have been depreciating
Present perfect progressive conjugation of depreciate. There are other translations for this conjugation.

depreciate

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Currencies, which is one of the main channels of adjustment to this new environment have been depreciating, which is something I had highlighted earlier in the year.
Tal como había destacado a principios de año, las divisas – uno de los principales canales de ajuste a este nuevo entorno – se han depreciado.
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