▲ Exchange Rate
The won-dollar exchange rate moved in the 1,410 won range for the second consecutive day on August 7, influenced by improved supply and demand.
In the Seoul foreign exchange market today, the won's exchange rate against the U.S. dollar closed down 7.7 won at 1,416.1 won as of 3:30 p.m.
The exchange rate started the day at 1,424.0 won and rose to as high as 1,425.7 won around 9:04 a.m.
It subsequently shifted to a downward trend, falling below 1,420 won and dropping to 1,415.9 won just before 3:30 p.m.
After hitting the 1,410 won range during intraday trading yesterday for the first time in about 10 months, the exchange rate has maintained a similar level for two straight days.
The continuous influx of dollar liquidity following SK Hynix's listing of American Depositary Receipts (ADRs), along with dollar selling by exporters, appears to be driving the decline in the exchange rate.
However, the rebound in international oil prices driven by geopolitical uncertainties originating from the Middle East seems to be limiting the extent of the exchange rate's decline.
At the ICE Futures Exchange, the closing price for Brent crude futures for October delivery rose 3.8% to $82.49 per barrel.
At the New York Mercantile Exchange, the closing price for West Texas Intermediate (WTI) crude futures for September delivery increased 2.8% to $77.29 per barrel.
Recent outlooks suggesting that the U.S. Federal Reserve (Fed) could move to raise its benchmark interest rate next month are fueling a strong dollar trend.
The dollar index, which measures the greenback's value against six major currencies, rose 0.002 to 99.940.
The yen-dollar exchange rate edged down 0.05% to 158.309 yen.
The won-yen cross rate stood at 895.17 won per 100 yen, down 7.03 won from the previous day.
(Photo: Yonhap News)
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