Won Value Against Dollar Down 12.7% This Year... Russian Ruble Up 23%

Among 31 Major Currencies, Ranked 8th in Decline; Ruble Recovers Value Due to Energy Exports

[Image source=Yonhap News]

[Asia Economy International Desk] Since the beginning of this year, the value of the Korean won has fallen nearly 13% against the US dollar, marking the 8th largest decline among 31 major currencies.

According to Bloomberg's compilation of exchange rate fluctuations against the dollar for 31 major currencies as of the 4th, the won's value dropped 12.75% through the 2nd of this year. The won weakened due to the global dollar strength combined with a trade deficit and concerns over economic slowdown.

The USD/KRW exchange rate surpassed 1,360 won on the 2nd, reaching a level not seen in 13 years and 4 months. Following the breach of the psychological threshold of 1,350 won on the 29th of last month, it surged to the highest level since the global financial crisis. The currencies with the largest declines included the Turkish lira (-26.87%) and Argentine peso (-26.17%). The Hungarian forint (-19.68%), Japanese yen (-17.92%), Swedish krona (-16.04%), British pound (-14.95%), and Polish zloty (-14.94%) also followed.

In contrast, the Russian ruble's value rose 23.23% against the dollar this year, recording the highest increase. After a sharp drop due to Western sanctions following the invasion of Ukraine, it recovered value thanks to crude oil exports. The Brazilian real (7.85%), Peruvian sol (3.10%), and Mexican peso (2.93%) also appreciated against the dollar this year. These four currencies are the only major ones to have gained value against the dollar.

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