Won-Dollar Exchange Rate Falls for 4 Consecutive Trading Days... Closes at 1191.2 Won
[Asia Economy Reporter Kim Eun-byeol] On the 10th, the won-dollar exchange rate fell for the fourth consecutive trading day, dropping to the early 1190 won range.
On that day, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,191.2 won per dollar, down 6.5 won from the previous day's closing price. This is the lowest level since March 5th (1,181.20 won) based on the closing price. The exchange rate has fallen a total of 27.5 won over the past four trading days up to that day. The exchange rate started at 1,199.0 won, up 1.3 won, but turned downward just before 11 a.m.
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With expectations that the U.S. Federal Reserve (Fed) may implement measures such as the yield curve control (YCC) policy at the Federal Open Market Committee (FOMC) regular meeting, the direction of the exchange rate is expected to vary depending on the announcement. YCC means that the central bank sets a certain target for long-term interest rates and buys or sells bonds to achieve it.
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