Won-Dollar Exchange Rate Closes Down 1.8 Won... Digesting Jackson Hole Outcome (Update)
Following last week's Jackson Hole meeting, Jerome Powell, Chair of the U.S. Federal Reserve (Fed), made remarks that did not significantly deviate from expectations, and on the 28th, the KRW-USD exchange rate closed slightly lower.
On that day, in the Seoul foreign exchange market, the won-to-dollar exchange rate closed at 1,323.4 won, down 1.8 won from the previous trading day's closing price. The exchange rate opened at 1,324 won, down 1.2 won from the previous close, then fell to 1,319.3 in early trading before fluctuating in the low 1,320 won range.
Earlier, on the 25th (local time), Chair Powell hinted at the possibility of further interest rate hikes during his monetary tightening remarks at Jackson Hole, but these comments did not deviate from market expectations.
Hot Picks Today
"Samsung and Hynix Were Once for the Underachievers"... Hyundai Motor Employee's Lament
- Samsung Enterprise Labor Union: "We Respect Court’s Injunction Decision... General Strike to Proceed on the 21st as Planned"
- "Was This Delicious Treat Enjoyed Only by Koreans?"... The K-Dessert Captivating Japan
- [Exclusive] With Budget Safeguard Gone, Digital Learning Center May Be Reduced or Disappear in Financially Weaker Local Governments
- "That? It's Already Stashed" Nightlife Scene Crosses the Line [ChwiYak Nation] ③
On the same day, the domestic stock market saw both the KOSPI and KOSDAQ close higher for the first time in two trading days. The KOSPI closed at 2,543.41, up 24.27 points (0.96%) from the previous session, while the KOSDAQ index closed at 909.38, up 10.00 points (1.11%) from the previous session.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
