Won-Dollar Exchange Rate Closes at 1100.8 Won on the 2nd... Lowest in 2 Years and 6 Months (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] On the 2nd, the won-dollar exchange rate closed in the 1100 won range, marking the lowest level in 2 years and 6 months.

On that day, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1100.80 won per dollar, down 5.40 won from the previous day. This not only set a new yearly low at the closing price but was also the lowest level in about 2 years and 6 months since June 15, 2018 (1097.70 won).

The exchange rate started trading at 1105.2 won, down 1.0 won, and showed limited movement in the early session around the 1105 won range before entering a full-fledged downward trend. Due to news related to the US's COVID-19 response fiscal stimulus measures the previous day, global risk asset preference sentiment revived, and a weak dollar atmosphere formed, increasing downward pressure on the won-dollar exchange rate.