▲ The KOSPI, KOSDAQ, and the won-dollar exchange rate are displayed on a board in the dealing room of Hana Bank in Jung-gu, Seoul, on the 4th.
The won-dollar exchange rate fell into the 1,340-won range intraday for the first time in one year and two months.
This decline was driven by the strengthening of the Japanese yen amid vigilance over potential market interventions by Japanese monetary authorities, which in turn influenced the won to move in tandem.
In the Seoul foreign exchange market today (the 4th), the won-to-dollar exchange rate closed at 1,350.4 won as of 3:30 p.m., down 8.9 won from yesterday (the 3rd).
Based on the 3:30 p.m. closing time, the exchange rate fell for three consecutive trading sessions, dropping by a total of 20 won to record its lowest level since June 30 of last year.
The exchange rate started the session at 1,358.5 won, expanded its losses in the afternoon, and dropped to as low as 1,349.5 won around 3:14 p.m.
This marks the first time the exchange rate has fallen into the 1,340-won range since July 1 of last year. Compared to the recent peak on July 1, it has plummeted by 209 won over the span of two months.
As the market paid close attention to the possibility of intervention by Japanese currency authorities, the yen strengthened, and the won moved in step with it.
Atsushi Mimura, Japan's Vice Minister of Finance for International Affairs, emphasized regarding recent yen movements, "We are neither satisfied nor relieved," adding, "We remain on high alert."
Consequently, in the New York foreign exchange market, the yen-dollar exchange rate dropped sharply from the 158-yen range to the 155-yen range.
As of 3:30 p.m. today, the yen-dollar exchange rate stood at 156.185 yen, down 1.03 yen.
It fell as low as 155.286 yen intraday, recording its lowest level since August 3, right after the joint intervention by the United States and Japan.
Federal Reserve Governor Christopher Waller's cautious stance on interest rate hikes, known as dovish remarks, was also analyzed to have influenced the decline in the won-dollar exchange rate.
On the supply and demand front, continued selling of U.S. dollars by exporters also contributed to the downward pressure on the won-dollar exchange rate.
(Photo: Yonhap News)
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