Won-Dollar Exchange Rate at 1388.7 Won... Highest in 4 Months (Update)

As the dollar continues to strengthen, the won-dollar exchange rate has reached its highest level in about four months.

On the 25th, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,388.7 won at 3:30 p.m., up 8.5 won from the previous trading day. This is the highest closing price since July 3.

With the recent strength of the dollar, the won-dollar exchange rate is also on the rise. Reports that former President Donald Trump is leading Vice President Kamala Harris in the upcoming U.S. presidential election have contributed to the dollar's strength.

Concerns over former President Trump's America First and protectionist policies are interpreted as increasing demand for the dollar as a safe-haven asset.

The government is also concerned about the weakening of the won. Choi Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance, who visited Washington D.C., said in an interview with Bloomberg, "We are well aware of the market's concern that the won is moving relatively faster compared to other currencies," and added, "We will remain vigilant about exchange rate volatility and closely monitor market trends."