USD/KRW Exchange Rate Closes 7.1 Won Lower on COVID-19 Vaccine Optimism
[Asia Economy Reporter Eunbyeol Kim] On the 19th, the won-dollar exchange rate closed down more than 7 won, influenced by expectations for the development of a novel coronavirus (COVID-19) vaccine.
On that day, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,225.3 won per dollar, down 7.1 won from the previous day's closing price.
The exchange rate started at 1,224.5 won, down 7.9 won. Afterwards, the decline widened further, dropping to the low 1,220 won range.
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News that all 45 participants in the clinical trial by the U.S. biotech company 'Moderna' developed antibodies against COVID-19 led to a preference for risk assets such as emerging market currencies and stocks. With expectations for a COVID-19 vaccine, the KOSPI surged 2.25% to close, recovering the 1,980 level.
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