Won–dollar exchange rate rebounds slightly to the 1,370 won range after hitting a 13-month low

[Financial News] On the 1st, the won–dollar exchange rate ended daytime trading at 1,370.4 won, up 1.8 won from the previous session. The rate had closed at 1,368.6 won the day before, marking the 1,360 won range for the first time in about 13 months since July 24 last year, when it stood at 1,367.2 won.
The won–dollar exchange rate appears to have settled in the 1,300 won range. It has stayed at that level for 10 consecutive trading days since the 19th of last month.
Last month, the Bank of Korea's Monetary Policy Board raised its benchmark interest rate by 0.25 percentage point for the second straight meeting, following July's increase. That narrowed the policy rate gap between South Korea and the United States to 0.75 percentage point, easing the pull of dollars into the U.S. and prompting an additional downward adjustment in the exchange rate.
Earlier, the stabilization of the exchange rate was attributed to expectations of won conversion after SK hynix's listing of American Depositary Receipts (ADR) in the U.S. market. After that, export companies' dollar-selling orders piled up, reversing the direction of the exchange rate.

[email protected] Kim Tae-il Reporter