The USD-KRW exchange rate displayed on the status board of Hana Bank dealing room in Jung-gu, Seoul on the 23rd. Photo by Yonhap News
Amid concerns that tariff negotiations with the United States could face difficulties, the USD-KRW exchange rate surged above the 1,440 won level during trading, reaching its highest point in six months.
On the 23rd, the USD-KRW exchange rate in the Seoul foreign exchange market closed at 1,439.6 won, up 9.8 won from the previous day. During the session, it climbed as high as 1,441.5 won. This marks the first time since May 2 that the exchange rate has exceeded the 1,440 won level. Although the Bank of Korea's Monetary Policy Board kept the base interest rate unchanged at 2.50% per annum, uncertainty surrounding $350 billion in investments to the United States-a key issue in the ongoing tariff negotiations-became more pronounced during the session, causing the exchange rate to spike.
Uncertainty intensified after President Lee Jaemyung, in a public interview with CNN, commented that the tariff negotiations with the United States "may take some time," signaling a cautious stance. Both South Korea and the United States are reportedly aiming to reach an agreement at the Asia-Pacific Economic Cooperation (APEC) summit to be held in Gyeongju next week.
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