Won-Dollar Exchange Rate Drops to 1300 Won Range for the First Time in 5 Months
Summary
- It is analyzed that the won-dollar exchange rate has dropped to the 1300 won range for the first time in about 5 months.
- It was reported that expectations for US-China trade negotiations and the strength of Asian currencies had an impact.
- It was stated that Asian currencies such as the yuan and yen showed strength earlier this week.
The won-dollar exchange rate has dropped to the 1300 won range for the first time in about 5 months. Analysts attribute this to expectations surrounding US-China trade negotiations and the strength of Asian currencies during the holiday period.
On the 7th, the won-dollar exchange rate (as of 3:30 PM) closed at 1398 won, down 7 won and 30 jeon, in the Seoul foreign exchange market. This is the first time the exchange rate has been in the 1300 won range on a weekly closing basis since November 29 of last year (1394 won and 70 jeon). Asian currencies such as the yuan and yen, which showed strength earlier this week, turned weak on this day. As of 3:30 PM, the won-yen exchange rate was 978 won per 100 yen, up 9 won and 70 jeon from the previous trading day.
Reporter Dongwook Jwa leftking@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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