Africa’s largest company by market value, Napsers Ltd., plans to increase its investment in US-based tech startups to benefit from a stronger greenback if the US Fed hikes interest rates, Bloomberg reported.

African central bankers are closely watching the Fed ahead of a rate setting meeting this month as local currencies, which have mostly fallen against a stronger dollar this year, slide further on speculation the US bank will hike interest rates for the first time in nine years as its economy recovers.

Multinational companies, such as Naspers, are moving to cover their exposure in frontier and emerging markets, where cost of operations are likely to increase as local currencies tumble against a globally stronger dollar and inflation eats into consumer’s spending power.

The South African multimedia company has businesses spanning 130 nations across the world and has in recent years been scouring the globe for new internet acquisitions as it seeks to capitalize on the increased online shopping, banking and other uses by consumers.

Naspers has increasingly expanded its online retail acquisitions, targeting new markets such as India, Nigeria, Brazil and Turkey.

In the US, Nasper has invested $100 million in Letgo, a mobile-only classifieds-ads application, and plans further spending on companies based around San Francisco.

“If we see the right opportunities we could see ourselves put a good amount of capital there,” Naspers’ CEO Bob van Dijk told Bloomberg.

The company, which is Africa’s biggest seller of pay TV, has shared in Tencent, one of the largest Chinese Internet companies and the operator of major social and messaging platforms in China, and Moscow-based Mail.Ru Group Ltd.

In recent month, the media company has invested in Flipkart, an Indian online retailer that’s taking on Amozon .com, and travel site Ibibo, also based in India, that is competing with Google Inc. and Kayak.com.