Won-Dollar Exchange Rate Hits 1,357.2 Won... Breaking Yearly High in One Day (Update)

On the 2nd, the KOSPI opened at 2,427.7, up 12.09 points (0.5%) from the previous trading day, at the Hana Bank dealing room in Jung-gu, Seoul. The won-dollar exchange rate started at 1,356.0, up 1.1 won. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Seo So-jeong] The won-dollar exchange rate soared to the 1,357 won level, setting a new intraday high once again.

On the 2nd, in the Seoul foreign exchange market, the won-dollar exchange rate surged to 1,357.2 won at around 9:02 a.m., raising the peak before turning to a downward trend. The exchange rate opened at 1,356 won, up 1.1 won from the previous trading day, breaking the intraday record high of 1,355.1 won set the day before in just one day. This is the highest level in 13 years and 4 months since April 29, 2009 (intraday 1,357.5 won).

Moon Hong-cheol, a researcher at DB Financial Investment, said, "The strong dollar phenomenon is intensifying as the U.S. August employment and manufacturing indicators came out better than expected," adding, "The news that South Korea's trade deficit is approaching 10 billion dollars this month, marking a record high, is affecting market sentiment, and the yuan's weakness due to concerns over China's economic slowdown is also putting upward pressure on the exchange rate. Therefore, we need to keep the upper limit of the won-dollar exchange rate open up to 1,400 won in the second half of the year."

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