Won-Dollar Exchange Rate Stops Declining and Closes Steady (Comprehensive)

The KOSPI surpassed the 2,700 mark for the first time in history. On the 4th, the KOSPI opened at 2,705.34, up 9.12 points (0.34%) from the previous session, showing a strong upward trend. On the same day, the won-dollar exchange rate started at 1,092.5 won, down 4.5 won from the previous trading day. The photo shows the Hana Bank dealing room in Jung-gu, Seoul, that morning. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jang Sehee] On the 7th, the won-to-dollar exchange rate closed steady.

On that day, in the Seoul foreign exchange market, the won-to-dollar exchange rate ended trading at 1,082.1 won, the same as the previous trading day's closing price. The four-day downward trend from the 1st to the 4th came to a halt.

The exchange rate started the day at 1,083.0 won, up 0.9 won from the previous trading day, and fluctuated narrowly between 1,080 and 1,084 won.

Previously, from the 1st to the 4th, the won-to-dollar exchange rate plunged 24.4 won, falling back to the 1,080 won level for the first time in two years and six months since June 2018.

Due to expectations that the U.S. fiscal stimulus package in response to the novel coronavirus disease (COVID-19) would be finalized within the year, global risk appetite and dollar weakness continued, while the euro and yuan strengthened, causing the won-to-dollar exchange rate to decline.

However, because the won's appreciation had been so significant recently, the exchange rate adjusted its pace on this day.

Gong Dong-rak, a researcher at Daishin Securities, said, "Until the U.S. stimulus package becomes concretely visible, the dollar weakness is expected to be maintained to some extent. However, once the actual measures are announced, there will likely be some rebound or a pace adjustment to the steep decline."

Meanwhile, as of 3:30 p.m., the won-to-yen exchange rate was 1,039.23 won per 100 yen, down 2.60 won from the previous trading day's 3:30 p.m. reference price of 1,041.83 won.

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