The Won-Dollar Exchange Rate Rises to 1,311 Won... Highest in 13 Years

On the 6th, when the won-dollar exchange rate surpassed 1,310 won, dealers were working in the dealing room of Hana Bank in Euljiro, Seoul. Photo by Mun Ho-nam munonam@

The won-dollar exchange rate soared to the 1,310 won level on the 6th.

In the Seoul foreign exchange market, the won-dollar exchange rate started at 1,308.5 won, up 8.2 won from the previous day's closing price.

It then continued its sharp rise in the early session, reaching 1,311.0 won. This is the highest intraday price in 13 years since July 13, 2009 (1,315.0 won).

The global fear of economic recession, including in the United States, has led to a strong dollar, which influenced the rise in the exchange rate. As the U.S. Federal Reserve (Fed) and the European Central Bank are expected to continue raising interest rates, the won is anticipated to remain weak.

Lee Seung-hoon, a researcher at Meritz Securities, explained, "After the market closed on the 5th, various risks in the Eurozone emerged, triggering further strengthening of the dollar." He added, "Although the dollar-won exchange rate has reached a new high, it is necessary to keep the upper limit open for the time being and closely monitor whether various uncertainties are resolved."