Jim Cramer says buy P&G amid a weakening U.S. dollar

The recent weakness in the U.S. dollar should provide a lift to consumer staples giant Procter & Gamble (PG), CNBC's Jim Cramer said Tuesday.

Back in October, P&G — the maker of Crest toothpaste, Tide laundry products and Pampers diapers — had warned that foreign-exchange headwinds were going to weigh on its fiscal 2024 sales growth and offset an expected benefit from lower commodity costs. But since then, the U.S. dollar index (DXY) has fallen about 2%.

"The dollar is sinking like a stone," Cramer said, noting that the DXY, which measures the greenback against six other currencies including the yen and the euro – is now trading it its lowest level since mid-September.

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As a result, P&G looks much better positioned to handle the foreign-exchange dynamic, Cramer said, while the commodity deflation tailwind remains intact. Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, has a stake in P&G.

"The dollar is not going to kill them, and so you buy P&G and just ride it," Cramer said. "P&G is so much better than it used to be."

P&G shares edged up by about 0.1% Tuesday, to roughly $152.60 each, on the back of a three-day winning streak.

Here's a full list of the stocks in Jim's Charitable Trust, the portfolio used by the CNBC Investing Club.