Exchange Rate Surpasses 1360 Won for the First Time Since Financial Crisis... Possibility of Breaking 1400 Won (Update)

[Asia Economy Reporter Seo So-jeong] The won-dollar exchange rate surpassed 1,360 won on the 2nd, setting a new yearly high.

On that day, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,362.6 won, up 7.7 won from the previous day's closing price. This is the highest level since April 1, 2009 (1,379.5 won) based on the closing price.

Based on the high price, it was the highest in 13 years and 4 months since April 21, 2009 (1,367.0 won).

The strong dollar phenomenon continues amid expectations that the Federal Reserve (Fed) will maintain its high-intensity tightening policy, following better-than-expected U.S. employment and manufacturing indicators for August. The depreciation of the yuan due to concerns over China's economic slowdown and net selling by foreigners in the domestic stock market also pushed the exchange rate higher.

Moon Hong-cheol, a researcher at DB Financial Investment, said, "Since Fed Chair Jerome Powell made hawkish remarks at last week's Jackson Hole meeting speech, the global strong dollar has intensified," adding, "Technically, the resistance level is expected to be 1,378 won, but with the exchange rate rising more steeply than expected recently, the won-dollar exchange rate could surge to the 1,400 won level as early as September."

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