Femtosecond degenerate four-wave-mixing experiments are performed in the two-beam self-diffracted geometry in two inhomogeneously broadened ZnSe/ZnxCd1−xSe multiple-quantum-well samples at the excitonic resonances at 10 K. A large change in the dephasing time across the linewidth of one sample is observed, whereas it is nearly constant in the other, implying a different degree of localization in these two samples. Exciton-exciton interaction rates are determined across the linewidth, and it is shown that the exciton-exciton interaction rate is much less for excitons that are strongly localized compared to those that are extended.