Won-Dollar Exchange Rate Closes Down 3.7 Won at 1338.3 Won... 'Taking a Breather'

Employees are working in the dealing room of Hana Bank in Myeongdong, Seoul. Photo by Younghan Heo younghan@

The won-dollar exchange rate closed slightly lower at the 1,338 won level.

According to the Seoul foreign exchange market on the 18th, the won-dollar exchange rate closed at 1,338.3 won, down 3.7 won from the previous trading day.

This marks the first time in eight trading days since the 7th that the exchange rate ended on a downward trend.

Given the recent strong dollar trend and the rapid rise in the exchange rate, this is interpreted as a period of "catching one's breath."

The won-dollar exchange rate rose about 58.5 won over approximately three weeks, from 1,284.5 won at the beginning of this month to 1,343 won the day before.

The rise in the won-dollar exchange rate was influenced by the dollar's strength due to the prolonged tightening outlook of the U.S. Federal Reserve (Fed) and the yuan's weakness caused by a slowdown in China's economic recovery.

However, on this day, the yuan showed some strength, and increased caution regarding intervention by foreign exchange authorities led to a downward trend in the exchange rate.

The dollar index, which reflects the value of the dollar against six major currencies, fell slightly from 103.57 the previous day to 103.30.

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