South Korean won falls below 1,320 won against U.S. dollar
International Business News – The exchange rate of the Korean won against the U.S. dollar fell below 1,320 won (about 6.76 yuan) in intraday trading on the 15th.
After the opening of the foreign exchange market in Seoul that day, the exchange rate of the Korean won against the U.S. dollar fell to 1320.2 won to one U.S. dollar at 9:70 am, down 8.1 won from the previous day’s closing price.
The Korean won exchange rate continued to depreciate after opening lower on the day. On the same day, the exchange rate of the Korean won against the US dollar opened lower by 5.9 won to 1318 won, fell below 1320 won in just 7 minutes, and then fluctuated slightly at the 1320 won mark and continued to fall to 1322.4 won. As a result, the Korean won exchange rate set a new intraday low for the year just three trading days apart. As of 9:21 am, South Korea’s exchange rate against the U.S. dollar fell 9.5 won to 1,321.6 won from the previous day’s close.
According to the analysis, the possibility of the Fed raising interest rates has increased the market demand for the dollar, and the dollar has been relatively strong against the continued weakness of other key currencies such as the euro the yen and the renminbi. These factors have led to the weakening of the Korean won exchange rate.