▲ U.S. Dollar Banknotes
The won-dollar exchange rate has fallen to the mid-1,480 range for the first time in two months.
This decline is attributed to easing concerns over U.S. monetary tightening and net buying of stocks by foreign investors, fueled by the sharp rise of SK Hynix ADRs listed on the Nasdaq.
In the Seoul foreign exchange market on July 15, the won-dollar exchange rate closed at 1,484.7 won as of 3:30 p.m., down 8.3 won from the previous trading day.
This marks the lowest level in approximately two months since May 12, when it stood at 1,474.8 won.
The exchange rate dropped to as low as 1,484.5 won around 8:30 a.m. today before rising slightly to 1,492.7 won around 11:20 a.m.
The U.S. Consumer Price Index (CPI) for June, released the previous day, came in lower than expected, easing concerns over the Federal Reserve's tightening policy and putting downward pressure on the dollar.
The U.S. inflation rate for June was 3.5 percent compared to the same month last year, down from 4.2 percent in May and below the 3.8 percent forecast by experts surveyed by Dow Jones.
As SK Hynix American Depositary Receipts (ADRs) surged 27.29 percent in the New York stock market the previous day, foreign investors continued their net buying streak in the domestic stock market for the second consecutive day.
On this day, foreign net buying in the KOSPI market reached 2.3227 trillion won, a significant increase from 952.7 billion won the previous day.
The withdrawal of President Donald Trump's plan to impose customs fees in the Strait of Hormuz and expectations for negotiations following contact between U.S. and Iranian delegations also created a favorable environment for the won's appreciation.
However, as the exchange rate fell, importers began purchasing dollars for settlements, and so-called "Seohak Ants" (individual Korean investors who invest in overseas stocks) have also been increasing their holdings of U.S. stocks recently.
The market anticipates that importers may more actively buy dollars at the current level, as they have shown a tendency to "buy the dip" even when the exchange rate was high in the 1,500-won range.
The dollar index, which measures the value of the dollar against six major currencies, fell 0.145 to 100.791.
The yen-dollar exchange rate rose 0.03 percent to 162.188 yen.
The won-yen cross rate stood at 916.94 won per 100 yen, down 2.71 won from the closing price of 919.65 won at 3:30 p.m. on the previous trading day.
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