[Asia Economy Reporter Eunbyeol Kim] On the 7th, the won-dollar exchange rate opened at 1,222.0 won, down 7.3 won from the previous day, and has been showing a sideways trend in the Seoul foreign exchange market.
The major indices of the New York stock market surged on expectations that the spread of the novel coronavirus infection (COVID-19) is slowing down, and emerging market currencies also showed strength. U.S. President Donald Trump said in New York the day before that the first decrease in new deaths could be "a good sign" and added, "We are beginning to see the light at the end of the tunnel."
The increase in confirmed cases has also slowed in Germany and France, easing some fear sentiment in the global financial and foreign exchange markets.
However, since major domestic companies will pay dividends to foreign investors this week, it is expected that the won-dollar exchange rate decline may be limited due to dollar remittance demand.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
