Won-Dollar Exchange Rate Ends Steady at 1,093.3 Won on the 17th
[Asia Economy Reporter Eunbyeol Kim] On the 17th, the won-to-dollar exchange rate closed steady.
On this day, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,093.3 won per dollar, down 0.7 won from the previous day. The exchange rate opened at 1,094.0 won, the same as the previous day's closing price, and during the session dropped to as low as 1,090.8 won, but reduced the decline and closed again in a steady range.
On the 16th (local time), the U.S. Federal Reserve (Fed) stated in the Federal Open Market Committee (FOMC) regular meeting statement that it would maintain a monetary easing stance for the time being, causing the dollar to weaken. The dollar index, which indicates the value of the dollar against six major currencies, fell to around 90.27. News that the U.S. Congress was close to agreeing on a $900 billion stimulus package also contributed to the dollar's weakness.
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However, concerns that domestic foreign exchange authorities would make fine adjustments to curb the sharply rising won trend until early this month, and investors refraining from bold trading ahead of the year-end, resulted in little movement in the exchange rate.
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