Won-Dollar Exchange Rate Falls to 1146 Won... Relief Amid US Monetary Easing Maintenance
[Asia Economy Reporter Jang Sehee] On the 29th, the won-dollar exchange rate closed sharply lower.
In the Seoul foreign exchange market that day, the won-dollar exchange rate closed at 1,146.5 won per dollar, down 8.1 won from the previous day.
The exchange rate started the session at 1,150.6 won, down 4.0 won from the previous day, and the decline gradually widened.
In the early morning of that day, Korea time, the U.S. central bank, the Federal Reserve (Fed), released the statement of the Federal Open Market Committee (FOMC) regular meeting. The Fed kept the benchmark interest rate unchanged at 0.00~0.25%. In addition, it decided to maintain asset purchases at the scale of $120 billion.
As the Fed decided to continue its dovish stance (preference for monetary easing) rather than preparing for immediate monetary tightening, the dollar weakened in the financial market.
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Meanwhile, as of 3:30 p.m., the won-yen recalculated exchange rate was 1,044.31 won per 100 yen, down 6.52 won from the previous day's 3:30 p.m. reference price (1,050.83 won).
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