On the 13th, the Won-Dollar Exchange Rate Rises... Reaches the 1,220 Won Level
[Asia Economy Reporter Eunbyeol Kim] On the morning of the 13th, the KRW-USD exchange rate showed an upward trend, rising to the 1220 won level.
As of 10:06 AM on the same day, the KRW-USD exchange rate in the Seoul foreign exchange market was trading at 1220.21 won per dollar, up 11.52 won from the previous trading day.
The exchange rate started at 1214.0 won, up 5.2 won, and continued its upward trend. Market anxiety persists as the oil production cut agreement did not lead to a rise in international oil prices.
OPEC+ (a coalition of OPEC and 10 major oil-producing countries) held an emergency video conference on the 12th and agreed to cut oil production by 9.7 million barrels per day (excluding gas condensate) for two months from May 1 to the end of June. However, considering the demand decrease due to the novel coronavirus disease (COVID-19), this production cut is evaluated as falling short of expectations.
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