Won-Dollar Exchange Rate Surpasses 1,220 Won Intraday for the First Time in 1 Year and 9 Months

[Image source=Yonhap News]

The won-dollar exchange rate surpassed the 1,220 won mark intraday for the first time in 1 year and 9 months.

As of 9:30 a.m. on the 7th in the Seoul foreign exchange market, the exchange rate of the Korean won against the US dollar stood at 1,222.0 won.

On that day, the exchange rate opened at 1,219.0 won, up 4.8 won from the previous trading day, and continued to rise, reaching the 1,220 won level.

The won-dollar exchange rate reaching the 1,220 won level intraday is the first time since June 2, 2020, 1 year and 9 months ago.

The prolonged Russian invasion of Ukraine has increased the preference for safe-haven assets, which is interpreted as driving up the exchange rate.

According to AFP news agency, Russian President Vladimir Putin stated in a phone call with French President Emmanuel Macron on the same day that "whether through negotiations or war, we will achieve our objectives in Ukraine."

With the US dollar strengthening due to the Ukraine crisis, forecasts suggest that the exchange rate will continue its upward trend for the time being.

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