Exchange Rate Surges Amid New Coronavirus Fears... Breaks Through 1170 Won Level

On the 28th, KOSPI opened at 2,192.22, down 53.92 points (2.4%) from the previous trading day due to the spread of fear over the novel coronavirus infection known as "Wuhan pneumonia." Dealers are working in the dealing room of KEB Hana Bank in Jung-gu, Seoul. On the same day, the USD/KRW exchange rate started trading at 1,178.5 won, up 9.8 won from the previous trading day. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Eunbyeol Kim] On the 28th, the won-dollar exchange rate surged sharply as fear of the novel coronavirus infection (Wuhan pneumonia) spread.

On that day, in the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,178.5 won, up 9.8 won from the previous trading day, and has been fluctuating in the high 1,170 won range.

The won-dollar exchange rate had fallen to the 1,150 won range on the 14th after the military tensions between the US and Iran, which had escalated earlier this year, eased. However, after closing at 1,167.0 won on the 21st, it showed an upward trend and broke through the 1,170 won level on this day. As anxiety in the financial market grows, the US dollar, classified as a safe-haven asset, has strengthened, causing the value of the won against the dollar to continue to decline.

This content was produced with the assistance of AI translation services.