Irish firms have been warned that they face "Brexit-like implications" following Donald Trump's victory in the US presidential election.

In the wake of the result the dollar fell before rebounding to wipe out most of its losses following Mr Trump's victory speech, in which he pledged to represent all Americans during his time in office.

Barry Dowling, Co-Founder at TransferMate advised Irish companies who trade in the US to act fast to protect themselves against currency fluctuations.

"With Trump winning the election we’re likely to see a sell off of the dollar by as much as 5-10% and further volatility is likely. Uncertainty rocks the currency markets, and while the results of the election will have an immediate impact on the markets, the residual effects are likely to play out over the coming days and weeks.

"Irish businesses that import from the U.S. could benefit from this, but those that export across the Atlantic may take a real the financial hit," he commented.

The company opened is currency support centre overnight to deal with queries from Irish businesses.

Mr Dowling believes that the impact of the vote on Irish businesses could be even greater than Brexit:

"The result of the U.S. election could have a bigger impact than when Britain voted to exit the EU earlier this year and the reality of the Trump win could prove to deliver ongoing volatility for the foreseeable - which may well prove costly  for those Irish businesses that don’t plan for it."

Speaking to Newstalk a number of Irish politicians have expressed similar concerns.