Won-Dollar Exchange Rate Closes at 1328.2 Won... Weakening Won Amid Trade Deficit

[Image source=Yonhap News]

The won-dollar exchange rate closed higher on the 21st, ending in the high 1320 won range.

In the Seoul foreign exchange market, the won-dollar exchange rate closed at 1328.2 won, up 5.4 won from the previous day.

The exchange rate opened at 1324.0 won, up 1.2 won, surged to 1330.4 won during the session, then slightly declined.

This is interpreted as risk aversion sentiment rising due to weak economic indicators from major countries including the United States.

In particular, the trade deficit announced on the day also fueled the won's weakness, supporting the rise in the won-dollar exchange rate.

According to the Korea Customs Service, the trade balance from the 1st to the 20th of this month showed a deficit of 4.139 billion dollars. The cumulative trade deficit from the beginning of this year to the 20th of this month reached a staggering 26.584 billion dollars.

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