[Asia Economy Reporter Kim Eunbyeol] On the morning of the 28th, the KRW-USD exchange rate rose by about 10 won, reaching the 1110 won level.
As of 9:47 AM in the Seoul foreign exchange market, the KRW-USD exchange rate is trading at 1113.98 won per dollar, up 9.67 won from the previous day. The exchange rate started at 1109.4 won, up 5.0 won, and has been gradually increasing in the early session.
Last night, the U.S. Federal Open Market Committee (FOMC) decided to maintain the target range for the policy interest rate at the current level (0.00~0.25%), with no mention of additional stimulus measures, which appears to have influenced the sharp decline in the New York stock market. The FOMC unanimously kept the policy rate unchanged.
With no mention of additional stimulus, risk-asset aversion sentiment emerged, and the KRW-USD exchange rate rose amid a strong dollar trend.
The FOMC policy statement added expressions noting that the pace of economic activity and employment recovery has slowed, especially in sectors severely affected by the recent COVID-19 pandemic, and that the economic path depends on the progress of vaccine administration.
Meanwhile, at this time, the KOSPI is down about 1.5%.
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