Won-Dollar Exchange Rate Closes at 1232.1 Won... Lowest Since April Last Year (Comprehensive)

"Direction Change Due to Profit-Taking Volume"

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] The won-dollar exchange rate has fallen to the low 1230 won range.

According to the Seoul foreign exchange market on the 19th, the won-dollar exchange rate closed at 1232.1 won, down 5.3 won from the previous trading day. This is the lowest level since April 15 last year (1229.6 won).

The exchange rate, which started at 1236.2 won, down 1.2 won from the previous day's closing price, soared to 1241.8 won around 11:18 a.m. due to weak U.S. real economy indicators and recession concerns. When the exchange rate rose to the 1240 won range, profit-taking volumes emerged, causing the afternoon gains to be surrendered and the rate to turn downward.

Baek Seok-hyun, an economist at Shinhan Bank, said, "The poor sentiment in the U.S. stock market due to recession concerns had a significant impact," adding, "As the exchange rate rose again to the 1240 won range, forces aiming to realize short-term profits released volumes, leading to a directional change."