Weekly Trading Closes at 1,480.1 Won
Highest Level Since April 9 (1,484.1 Won)
On the 22nd, the USD-KRW exchange rate closed above 1,480 won. This is the highest level in eight and a half months since April 9, when it reached 1,484.1 won.
On the 22nd, the Won-Dollar exchange rate was displayed on the status board in the dealing room of Hana Bank in Jung-gu, Seoul.
On this day, the USD-KRW exchange rate in the Seoul foreign exchange market ended weekly trading at 1,480.1 won as of 3:30 p.m., up 3.8 won from the previous trading day. This is the first time since April 9, when the yearly high of 1,484.1 won was recorded, that the weekly closing price of the USD-KRW exchange rate has exceeded 1,480 won.
The USD-KRW exchange rate started the day at 1,476.6 won, up 0.3 won from the previous weekly closing price. It then continued to climb, reaching as high as 1,481.5 won in the afternoon.
Although the foreign exchange authorities have shown a strong commitment to stabilizing the exchange rate, the market analysis suggests that buying pressure for overseas investment remains dominant amid caution regarding these measures. Upward pressure from external factors remains limited. The dollar index, which measures the value of the U.S. dollar against the currencies of six major countries, has edged down slightly to 98.627. The yen-dollar exchange rate has remained in the 157-yen range after rising to this level last week, following the Bank of Japan's interest rate hike and growing expectations that any further rate increases may be slower than previously anticipated.
Amid expectations of a 'Santa Rally,' foreign investors made net purchases of over 1 trillion won in the KOSPI market. The KOSPI jumped more than 2%, recovering the 4,100 mark.
Kwon Amin, a researcher at NH Investment & Securities, stated, "Although the authorities have announced a series of exchange rate defense measures, domestic supply and demand, with the won decoupled from external factors, continues to favor dollar buying for investment purposes," adding, "The year-end closing price is also likely to be set in the mid-to-high 1,400 won range."
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