Won-Dollar Exchange Rate Rises 1.0 Won to 1182.6 Won... Dollar Index Fluctuates Around 94 (Comprehensive)

[Asia Economy Reporter Jang Sehee] On the 4th, the KRW-USD exchange rate closed slightly higher.

On that day, in the Seoul foreign exchange market, the KRW-USD exchange rate closed at 1,182.6 KRW per dollar, up 1.0 KRW from the previous day's closing price.

After the U.S. Federal Reserve (Fed) announced results consistent with market expectations following the Federal Open Market Committee (FOMC) meeting, the KRW-USD exchange rate opened down 3.1 KRW at 1,178.5 KRW per dollar and remained in the high 1,170 KRW range in the morning. It then gradually rose, reaching a high of 1,182.7 KRW.

Earlier, the Fed announced it would begin tapering (reducing asset purchases), planning to cut asset purchases by $15 billion each in this month and next month. However, it emphasized the need for patience regarding the possibility of interest rate hikes.

Despite the resolution of uncertainties, the weakness of the euro in the offshore market and the strength of the dollar are analyzed to have influenced the rise in the exchange rate.

Oh Changseop, a researcher at Hyundai Motor Securities, said, "The Fed's tapering announcement has alleviated some uncertainties," adding, "With government intervention, it seems the market will enter a lull phase for the time being."

Meanwhile, the dollar index, which reflects the value of the dollar against six major currencies, is trending upward and fluctuating around the 94 level.

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