Won-Dollar Exchange Rate at 1,440 Won Level... Dollar Strength and Foreigners' Net Selling in Domestic Stock Market (Update)
Closed at 1,443.0 Won, Up 9.9 Won
Trump Announces Tariffs on EU... Dollar Strengthens
The won-dollar exchange rate returned to the 1,440 won level amid the strong dollar.
On the 27th, the closing price of the won-dollar exchange rate at 3:30 PM in the Seoul foreign exchange market recorded 1,443.0 won, up 9.9 won from the previous day. It rose back to the 1,440 won level based on the weekly trading closing price since the 18th (1,443.7 won). The exchange rate started at 1,436.8 won, up 3.7 won, and increased further in line with the strong dollar. The dollar index, which represents the value of the dollar against six major currencies, was at 106.677, up 0.12% from the previous day.
Dollar strength was influenced by increased uncertainty over tariff policies after U.S. President Donald Trump, at the first cabinet meeting held overnight at the White House, announced a 25% tariff on European Union (EU) products, including automobiles. It was confirmed that the currently deferred 25% tariffs on Mexico and Canada will be imposed starting April 2. After announcing the tariff imposition policy on Canadian and Mexican products on the 1st, a one-month grace period was decided, but the enforcement date has been postponed by another month.
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Foreigners' net selling in the domestic stock market also exerted upward pressure on the exchange rate. On that day, the KOSPI closed at 2,621.75, down 19.34 points (0.73%) from the previous day. Foreigners net sold about 237.9 billion won in the securities market. Min Kyung-won, a researcher at Woori Bank, analyzed, "The strong dollar, continued net selling by foreigners in the domestic stock market, and real demand bargain buying influenced the rise."
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