Won-Dollar Exchange Rate Rises in Offshore Markets Following North Korea's Liaison Office Explosion

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] The South Korean won to US dollar exchange rate rose in the offshore market following the news that North Korea had blown up the Kaesong Inter-Korean Joint Liaison Office.

As of 5:06 PM on the 16th, the one-month won-dollar contract in the New York Non-Deliverable Forward (NDF) market was priced at 1,213.50 won. This is an increase of 6.97 won from 1,206.53 won, the rate at the close of the Seoul foreign exchange market at 3:30 PM. The exchange rate surged immediately after the market closed when news of North Korea blowing up the Kaesong Inter-Korean Joint Liaison Office was reported, rising to the 1,210 won level around 3:49 PM and then increasing further.

On the same day, at 4:50 PM, North Korea officially confirmed the destruction of the Inter-Korean Joint Liaison Office through a report by Korean Central Broadcasting. The Inter-Korean Joint Liaison Office was opened in Kaesong in September of the same year, following the Panmunjom Declaration agreed upon by the leaders of North and South Korea on April 27, 2018.

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