USD-KRW Exchange Rate Surpasses 1,480 Won... Highest Level in 8 Months (Update)

Weekly Trading Closes at 1,480.1 Won
Highest Level Since April 9 (1,484.1 Won)

On the 22nd, the won-dollar 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 won-dollar 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 the weekly closing price has exceeded 1,480 won since April 9, when it reached the yearly high of 1,484.1 won.

The won-dollar exchange rate opened at 1,476.6 won, up 0.3 won from the previous weekly closing price. After that, the upward momentum intensified, and in the afternoon, it climbed to as high as 1,481.5 won.

Although the foreign exchange authorities have demonstrated a strong commitment to stabilizing the exchange rate, the market analysis indicates that caution remains, with continued net buying for overseas investment. Upward pressure from external factors remains limited. The dollar index, which measures the value of the dollar against the currencies of six major countries, has slightly declined to 98.627. The yen-dollar exchange rate has remained in the 157-yen range after rising to this level last week, as expectations have spread that the pace of further interest rate hikes by the Bank of Japan may be slower than anticipated.

Amid expectations for a 'Santa Rally,' foreign investors made net purchases of over 1 trillion won in the Korea Exchange. The KOSPI surged more than 2%, recovering the 4,100 level.

Kwon Amin, a researcher at NH Investment & Securities, said, "Although the authorities have announced a series of measures to defend the exchange rate, we judge that, with external factors and the won decoupling, domestic supply and demand considerations for investment continue to favor net dollar buying," adding, "It is highly likely that the year-end closing price will also be set in the mid-to-high 1,400-won range."