In a world with zero-bound interest rates, excessive quantitative easing (QE) and free trade negotiations everywhere you look, it’s tough to imagine we are still on the brink of recession. 

But if you ask any industrial company, especially any that sells its products globally, they might tell you we have already crossed that line.

#-ad_banner-#Energy prices have put nearly 10% of the entire U.S. economy into a tailspin. For countries like Canada and Australia, which rely on exporting commodities, the situation is even more dire. 

But what has really held back many companies here in the United States from growing in such a lush monetary environment is the surging dollar.

As you can see, the Dollar Index — which measures the strength of the U.S. dollar against a basket of other widely held currencies — the greenback is in high demand.

The reason is simple. 

Despite interest rates remaining at zero — which is likely to continue for some time — other countries have been participating in QE like the U.S. did over the last several years.

Meanwhile, the Fed is still expected to raise rates as early as this year. That threat is enough for investors to favor the dollar throughout all of 2015, even though the committee hasn’t done a thing to raise rates.

Unfortunately, at least for U.S. companies, that means exports have become more expensive — if the dollar is strong, consumers with foreign currencies can buy fewer American goods. Companies that manufacture American goods for export are the ones suffering the greatest. Think General Electric and Philip Morris International (an American company that sells exclusively overseas).

In fact, the strong dollar has been the largest excuse for missed revenue targets throughout this earnings cycle. It’s impossible to say if this trend will continue much longer. But many suspect it might.

Either way, it’s crucial to at least keep some of your portfolio away from this currency risk. Luckily, there are a few companies that do large business, pay sizable dividends AND shelter their shareholders from the problems of a strong dollar.

But there’s one in particular you should own today…

The Best Dollar Defense Play Out There
As I wrote last week, utility companies often make great long-term portfolio positions. They have near monopolies, predictable earnings and dividends and they provide essential services to their customers.

What I didn’t mention is that most don’t have to deal with currency fluctuations. Since their customer base is local, they don’t sell any products or services across borders. 

This dollar defense play even has a bonus defense in place: It is also well diversified against energy prices.

SCANA Corp (NYSE: SCG) is a South Carolina electric utility with both power generating and transmitting operations. It also has a hand in natural gas distribution. 

But here’s what makes SCANA even more appealing than just its South Carolinian electric and gas monopoly characteristic. It has tremendous diversity.

It generates its power through all available sources: coal, hydroelectric, natural gas, solar and even nuclear. In fact, it has already been approved for construction on the first new nuclear reactor in more than 30 years. That diverse power generation gives it a great amount of stability.

You probably already know that energy prices plummeted between the second quarter of 2014 and this year’s second quarter. This was led by the fall in oil prices, but it has affected other energy sources as well.

However, SCANA has no energy price problems. Its bottom line actually grew by a penny year over year for those periods. 

What’s more, it was able to continue growing its quarterly dividend. In fact, SCANA has more than a decades’ worth of dividend hikes. Right now, this little known utility yields 3.8%. That’s nearly twice what a Treasury Note will pay… and with SCANA, that payment is growing.

But what makes this play so appealing now is its price tag.

The company has $3.71 in earnings per share over the last 12 months. Its $56.72 price tag gives it a price to earnings ratio of just 15.3. Considering the company’s size, steady business, large and growing dividend and currency defense, SCANA should be trading for at least 20 times its earnings.

So there’s plenty of growth potential ON TOP of its solid dividend.

To avoid any more disappointing earnings due to the strong U.S. dollar, SCANA is a perfect play.

Risks To Consider: As I noted last week, utilities of all kinds rely on debt markets to grow. While SCANA does have plenty of cash flow to cover its debt load, its own interest expenses could rise when interest rates here in the U.S. do finally go up. 

Action To Take: Pick up shares of SCANA Corp. (NYSE: SCG) to build a line of defense against the continuingly strong dollar. Along with currency diversification, SCANA is also immune to fluctuation in energy prices. So consider this a two-for-one defense play. 

Editor’s Note: Millions of people use this company’s products every day — that’s just one reason this income stalwart has already paid more than 542 consecutive monthly dividends. Is it in your portfolio? Learn the name of this high-yielder in the High-Yield Hall of Fame special report.