Won–dollar exchange rate falls to the 1,350-won range for the first time in 14 months

[Financial News] On the 3rd, the won–dollar exchange rate closed the week at 1,359.3 won, down 9.4 won from the previous trading day. This marks the first time the exchange rate has closed in the 1,350-won range in 14 months, since July 3 of last year (1,359.4 won).
It was three trading days after the exchange rate ended the week at 1,368.6 won on the 31st of last month, marking the 1,360-won range for the first time in about 13 months since July 24 of last year (1,367.2 won).
As the Bank of Korea (BOK)'s Monetary Policy Board raised the base interest rate by 0.25 percentage points for the second consecutive time last August, following the July hike, the policy interest rate gap between Korea and the United States narrowed to 0.75 percentage points. As the force drawing USD into the United States eased, the exchange rate underwent a further downward adjustment.
The earlier stabilization of the exchange rate is attributed to expectations of won conversion that formed following SK hynix's listing of American Depositary Receipts (ADR). Subsequently, the exchange rate's direction changed as exporters' selling of USD increased.

[email protected] Kim Tae-il Reporter