Won-Dollar Exchange Rate Surpasses 1230 Won for the First Time in 1 Year and 9 Months (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] The won-dollar exchange rate surpassed 1,230 won per dollar intraday for the first time in 1 year and 9 months.

On this day, in the Seoul foreign exchange market, the won-dollar exchange rate started at 1,232.0 won, up 4.9 won, and continued its upward trend.

The exchange rate exceeding 1,230 won intraday is the first time in about 1 year and 9 months since the end of May 2020, when the COVID-19 pandemic economic crisis began in earnest.

Concerns over the sharp rise in energy and raw material prices due to Russia's invasion of Ukraine have strengthened the preference for safe-haven assets, driving up the won-dollar exchange rate. The Ukraine crisis has intensified investors' risk aversion, and with international oil prices continuing to rise above $130 per barrel, the US dollar, considered a representative safe-haven asset, is showing strength.

Experts predict that the won-dollar exchange rate could rise to the 1,250 won level as global oil prices rise and geopolitical risks persist. Due to stagflation concerns (rising prices amid economic slowdown), the preference for safe-haven assets is increasing, and the dollar is expected to remain strong against major currencies for the time being.

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