Opening of Won-Dollar Exchange Rate at 1460.3 Won
The KOSPI index rose for the third consecutive day, recovering the 2500 level at the start of trading on the 7th. The index is displayed on the status board in the Hana Bank dealing room in Jung-gu, Seoul. On this day, the KOSPI index opened at 2,520.41, up 31.77 points (1.28%) from the previous session, while the KOSDAQ started at 721.53, up 3.57 points (0.5%) from the previous session. Photo by Jo Yong-jun
The won-dollar exchange rate is sharply falling amid the possibility of changes in tariff policies under the second term of the U.S. Donald Trump administration.
On the 7th, in the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,460.3 won, down 9.4 won from the previous trading day. This is the lowest opening price in about ten days since December 26 last year.
The won-dollar exchange rate had surged to the 1,470 won range earlier this year due to domestic political instability and concerns over Trump's trade policies.
However, the previous day, The Washington Post (WP) reported that President-elect Trump's aides are considering a universal tariff plan that includes only key imports critical to U.S. national and economic security, which led to a weakening of the dollar.
Following the WP report, there was an interpretation that the second Trump administration had retreated from its previous stance of imposing 10-20% tariffs on all imports, causing the dollar index to drop sharply.
However, after the report, President-elect Trump rebutted by calling the WP report "fake news," which reduced the extent of the dollar's weakness.
As of 9:34 a.m., the won-dollar exchange rate is trading in the 1,461 won range.
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