Won-Dollar Exchange Rate Hits 1313.2 Won Intraday... New Annual High (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] The won-dollar exchange rate surged to the 1,313 won level during trading on the 12th, setting a new record high.

According to Seoul Foreign Exchange Brokerage, the won-dollar exchange rate started at 1,311.0 won, up 7.10 won from the previous day, and rose to 1,313.2 won at 10:19 a.m. that day.

It rose to the level of 1,311 won on the 6th during intraday trading, marking the highest level since July 13, 2009 (1,315 won).

The US dollar is showing strength as safe-haven asset preference grows amid concerns over the US's aggressive tightening and a global economic recession.

With expectations that the US Federal Reserve (Fed) will significantly raise the benchmark interest rate this month, and news spreading about China's intensified COVID-19 lockdowns, upward pressure on the exchange rate is increasing.

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