Won-Dollar Exchange Rate Surges 8 Won at Opening... US Dollar Strengthens

[Asia Economy Reporter Jang Sehee] The won-dollar exchange rate has turned upward after three days, fluctuating in the high 1180 won range. The US dollar strengthened as concerns over an early interest rate hike by the US Federal Reserve (Fed) continued.

On the 20th, in the Seoul foreign exchange market, the won-dollar exchange rate started trading at 1189.0 won, up 8.1 won from the previous day's closing price. As of 9:23 a.m. that day, the won-dollar exchange rate was 1187.7 won, up 6.8 won.

The dollar rose amid expectations that the Fed may raise interest rates as early as March next year.

Oh Changseop, a researcher at Hyundai Motor Securities, said, "The Fed's hawkish remarks likely had some impact," adding, "It is true that there is momentum for dollar strength due to the early end of tapering and interest rate hikes in the future."

The risk of the Omicron variant is also increasing. Due to the impact of the Omicron variant, the number of COVID-19 cases is rapidly increasing in New York as well. As of the 16th, the number of COVID-19 cases in New York State was counted at 21,027, setting a new record high.

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