On the 9th, the won-dollar exchange rate rises over 10 won... Above the 1200 won level

[Asia Economy Reporter Eunbyeol Kim] On the 9th, the won-dollar exchange rate rose by more than 10 won, climbing back above the 1,200 won per dollar mark.

This was due to the rapid spread of anxiety in the global financial markets as the novel coronavirus infection (COVID-19) showed signs of spreading worldwide.

On this day, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,204.2 won per dollar, up 11.9 won from the previous trading day's closing price. The exchange rate started at 1,192.9 won, up 0.6 won, and surpassed the 1,200 won level during the morning session.

As COVID-19 spread and international oil prices plummeted, investor sentiment sharply cooled, causing emerging market currencies, including the won, to weaken against the dollar.

On this day, in the New York futures market, the price of West Texas Intermediate (WTI) crude oil fell below $30 per barrel. This represented a nearly 30% plunge compared to the previous trading day. The decline was due to concerns over reduced oil demand amid the spread of COVID-19, compounded by the failure of major oil-producing countries, including the Organization of the Petroleum Exporting Countries (OPEC) and Russia, to agree on additional production cuts.