Won-Dollar Exchange Rate Closes Lower After Hitting New Yearly High (Update)

by Seo Sojeong

Published 25 Apr.2023 17:14(KST)

The won-dollar exchange rate closed lower after repeatedly hitting a 25-day high.

According to the Seoul foreign exchange market on the day, the won-dollar exchange rate closed at 1,332.2 won, down 2.6 won from the previous trading day.

The exchange rate, which opened at 1,331.5 won, down 3.3 won from the previous day amid a global dollar weakness, surged to 1,337.2 won around 11:03 a.m., once again surpassing the intraday 25-day high of 1,337.1 won set the day before.

Seunghyuk Kim, a researcher at NH Futures, said, "The strengthening of global risk aversion and the weakening of the yuan led to the rise in the exchange rate. From the supply and demand perspective, the continued selling by foreigners in the domestic stock market caused the won-dollar exchange rate to hit a new 25-day high again in the morning." Seokhyun Baek, a researcher at Shinhan Bank, said, "In the afternoon, the exchange rate appears to have turned downward as market concerns about fine-tuning by foreign exchange authorities increased, and remarks presumed to be verbal intervention by a senior official of the Bank of Korea influenced the market."

[Image source=Yonhap News]