On the 7th, the won-dollar exchange rate opened down 1.3 won at 1191.0 won (update)
[Asia Economy Reporter Jang Sehee] On the 7th, the KRW-USD exchange rate opened at 1191.0 won, down 1.3 won from the previous day, in the Seoul foreign exchange market.
On the 6th, the KRW-USD exchange rate closed at 1192.3 won, up 3.6 won from the previous trading day, leading the market to anticipate a rise to the 1200 won level.
However, experts judged the current exchange rate level as an overshooting. Overshooting refers to a temporary surge in market prices. Given that the domestic economic trend is not unfavorable, the upward trend in the exchange rate is expected to be limited.
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Jeon Gyu-yeon, a researcher at Hana Financial Investment, said in an interview with Asia Economy, "Since the domestic economic conditions such as exports are not bad and the credit default swap (CDS) remains at a low level, the domestic risk itself is not considered significant," adding, "The exchange rate has overshot due to global issues such as the Evergrande crisis."
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