Won-Dollar Exchange Rate Closes Up in the 1330 Won Range... Linked to Weakness in Yuan (Update)
The won-dollar exchange rate closed in the 1330 won range on the 5th.
According to the Seoul foreign exchange market, the won-dollar exchange rate closed at 1330.6 won, up 10.8 won from the previous day's closing price. This was influenced by the weakening of the yuan.
The exchange rate opened at 1319.5 won, down 0.3 won from the previous day, but then turned to an upward trend.
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After the Chinese services PMI announced that day fell short of market expectations, the offshore yuan-dollar exchange rate traded at 7.2905 yuan, with an increased rise. According to Chinese media Caixin and Standard & Poor's (S&P) Global, China's services Purchasing Managers' Index (PMI) was 51.8, down 2.3 from the previous month (54.1), marking the lowest level in eight months.
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